Brexit Secretary Says Risk of No-Deal Exit Is ‘Underpriced’

U.K. Brexit Secretary Steve Barclay said the risk of a no-deal split with the European Union is “underpriced.”

Barclay was asked by lawmakers if he thought the EU would be willing to offer concessions that would make the divorce deal acceptable to Parliament, which has rejected the current agreement three times.

“I think a no-deal is underpriced,” he replied.

The pound fell 0.9% on Tuesday on growing expectations that the next prime minister will lead the U.K. into a chaotic rupture with its biggest trading partner.

BNN Bloomberg

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell