Brexit chaos clouds reasoning on rates as the risk of recession rises
The Bank of England warned today that the continuing uncertainty over Brexit and the prospect of a delay in the U.K.’s departure date until the end of June is fettering the economy.
The view of the MPC was that increasing risks for the economy were emerging, with the U.K. parliament at an impasse. Why else would the Prime Minister reach out to the general public and place the blame for the likely Brexit delay squarely with the self-indulgent Westminster Members of Parliament.“... possibility of further cliff-edge uncertainties that could have a significant effect on [business] spending as any new deadline approached ...
Theresa May, U.K. prime minister, arrives for talks in Brussels, Belgium, Photographer: Jasper Juinen/BloombergAs Mrs May seeks an extension to June 30 to be granted what is clear is that the prospect of further delay will damage the economy for longer. The irony is that in the short-term the FTSE 100, dominated by UK listed, but essentially global firms will rise as cheaper exports will boost sales. That will be a time to book profits on the FTSE as the medium-term looks far less rosy.
This is indeed a gloomy prospect and a hard Brexit is in no-ones interest. However, the EU officials are not minded t yield any further ground the U.K. This is a dangerous game as the benefit of the deal is a cash sum from the U.K. to the EU of £39 Billion . If there is no agreement the U.K. pays nothing and domestic taxes across the EU, especially in France, Germany and Italy will have to rise. Good luck with that message in the European election of May.
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