The European Union delivered a stark warning on Wednesday that Britain was heade...
STRASBOURG/BRUSSELS - The European Union delivered a stark warning on Wednesday that Britain was headed for a damaging no-deal Brexit, with London’s ideas on replacing the contentious backstop to unlock an accord falling short just six weeks before Britain is due to leave.
But U.S. investment bank JPMorgan sounded negative on Wednesday about the prospects of Johnson striking a deal then after recent rounds of talks between the two sides showed significant gaps remain. In a worst case scenario, a no-deal Brexit could mean severe disruption to trade, supplies of medicines, fresh foods and a possible rise in public disorder, according to the British government’s contingency plans.
His pessimistic tone was echoed by Finland’s minister for European affairs, Tytti Tuppurainen, who also spoke in the parliament, saying a no-deal Brexit “is a quite likely outcome.” Finland holds the EU’s rotating presidency.However, many EU lawmakers warned against a no-deal, both to avoid an economic shock and because they do not want to see Britain abandon its commitments to EU social and environmental standards and become a low-tax, low-regulation rival.
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