1/14, 9:15 AM (Source: TeleTrader)
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UK's Fox: No-deal Brexit damaging but survivable

United Kingdom's Trade Secretary Liam Fox (pictured) stated on Monday that a scenario in which the UK crashes out of the European Union without a deal would damage the country's economy but is "survivable." In an interview with BBC Radio 4, Fox added that the default policy of the UK government would be to leave the EU with no deal on 29 March, despite reports of a possible delay to Brexit. The secretary went on to say that the cancelation of Britain's departure altogether, the so-called no Brexit, would lead to a rise in populism across Europe.

Only a day before the crucial vote on the Brexit withdrawal agreement, Fox said that UK Prime Minister Theresa May held discussions with EU leaders over the weekend in an apparent last-ditch effort to extract more concession regarding the Irish backstop clause. The secretary added that it is unlikely at this stage that the government will win the vote on the deal, but said that that he expects May to remain as prime minister.

Earlier, it was reported that May will say in a speech before the House of Commons later today that the parliament is more likely to block Brexit altogether than allow Britain to leave the EU without a deal. May is expected to warn about the "catastrophic" consequences of a "no Brexit" for the country's democratic process. Meanwhile, Irish media reported earlier today that the EU will issue a letter to the UK with a series of reassurances regarding the contentious Irish backstop clause.

Breaking the News / FH