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9/18, 11:28 AM (Source: TeleTrader)
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JPMorgan: Brute force unlikely to secure Brexit deal for UK

JP Morgan Chase & Co. warned on Wednesday that the United Kingdom is not likely to get a Brexit deal with its "brute-force approach" and threats it is prepared to leave the European Union without an agreement.

"Our reading of the situation is much more negative than positive as far as the prospects of a revised Withdrawal Agreement being agreed at the October summit are concerned," JPMorgan said in a note to clients. "The UK’s negotiating approach appears to be to present the details of its proposals late in the process, and to use the brute force of a no-deal threat to force the EU to accept them," the investment bank added.

Earlier, EU officials noted a Brexit agreement before October 31 is still possible and urged the UK to offer "legally operational solutions" to replace the Irish backstop. However, European Commission President Jean-Claude Juncker stressed that there is a "palpable" and "real" risk of a no-deal scenario as a result of UK Prime Minister Boris Johnson's resolution to leave the EU at the end of next month, with or without a deal.

Breaking the News / NP