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Severe Long-Term Damage to British Economy in a No-Deal Brexit Scenario: CBI

Yesterday, we talked about how the British finance minister Philip Hammond warned against the dangers of a no-deal Brexit on UK’s economy. His warning came on the back of pro-Brexit candidates vying for the PM post campaigning about leaving the EU with or without a deal on October 31.

Fortunately, today, his comments have received support from the Confederation of British Industry (CBI) as well. According to the Director-General of this business group Carolyn Fairbairn, “The vast majority of firms can never be prepared for no-deal, particularly our SME (small and medium-sized enterprises) members who cannot afford complex and costly contingency plans.”

Fairbairn made these comments in a letter to the dozen PM candidates, adding that a no-deal Brexit will result in severe long-term damage to the health of the British economy and its level of competitiveness in global markets.

Businesses in the UK are getting increasingly concerned about the rising possibility of a no-deal Brexit and such campaigning messages by UK’s Conservative lawmakers are adding to their woes.

Meanwhile, GBP/USD has gone below the four-month level and is now trading at 1.2593 at the time of writing.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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