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3/19, 5:08 PM (Source: TeleTrader)
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We are now facing genuine uncertainty - Barnier

European Union is facing "genuine uncertainty" following the failure of United Kingdom's Prime Minister Theresa May's withdrawal agreement in the British Parliament, EU's Chief Negotiator for Brexit Michel Barnier (pictured) said on Tuesday, warning everyone to finalize preparations for a no-deal scenario.

The negotiated Brexit deal is "the only deal" which can lead to an orderly withdrawal, Barnier stated at the General Affairs Council press conference, adding a possible delay of Article 50 would need to be linked to something new, such as a new political process in the UK.

A delay without a plan would add to economic costs to the European businesses as well as incur political costs to the union, the official concluded.

Breaking the News / MD