The closest the U.K. can get to a no-deal Brexit for leaving the EU is the so-called Malthouse compromise — a plan that addresses the contentious issue of the Irish border, according to Andrew Garthwaite.
The possibility of the United Kingdom leaving the European Union without a deal in place can be ruled out, according to a senior Credit Suisse banker.
The so-called Malthouse compromise is a Brexit plan that addresses the border separating Northern Ireland and the Republic of Ireland — it is an important and contentious part of the negotiations with the EU. EU leaders have warned that the U.K. has one final opportunity to leave the bloc in an orderly fashion, after agreeing to delay the departure date beyond March 29."In the U.K., around three-quarters of earnings come from overseas. So, if sterling goes up, the market will underperform," Garthwaite said, adding that he is overweight on U.K. equities in dollar terms.
Historically, inverted yield curves have been able to accurately predict economic recessions. This time, it is unlikely to be any different, according to Garthwaite.
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