Severe Long-Term Damage to British Economy in a No-Deal Brexit Scenario: CBI - Forex News by FX Leaders

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

Posted Friday, May 31, 2019 by
Arslan Butt • 1 min read

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.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments