No deal brexit is back and it looks more likely than ever

The possibility of a "no deal" Brexit is indeed increasing, and it's essential to understand what this means and its potential implications.

A "no deal" Brexit refers to the scenario where the United Kingdom (UK) and the European Union (EU) fail to agree on a withdrawal agreement, and the UK leaves the EU without a formal agreement in place. This would mean that the UK would no longer be bound by EU rules and regulations, and the EU would no longer have any formal influence over the UK's laws and policies.

The consequences of a "no deal" Brexit would be far-reaching and potentially severe. Some of the key implications include:

  1. Trade disruptions: The UK would no longer have access to the EU's single market and customs union, which would lead to significant trade disruptions and potential tariffs on goods and services.
  2. Border controls: The UK would need to establish its own border controls, which could lead to delays and congestion at ports and airports.
  3. Economic uncertainty: A "no deal" Brexit would create significant economic uncertainty, potentially leading to a decline in investment, a decrease in consumer confidence, and a rise in inflation.
  4. Food and medicine shortages: The UK's food and medicine supplies could be disrupted, as many rely on EU imports.
  5. Travel and tourism: Travel and tourism could be affected, as the UK would no longer be part of the EU's passport-free travel zone.
  6. Financial services: The UK's financial services sector could be severely impacted, as many financial institutions rely on EU regulations and access to the single market.
  7. Environmental and climate change policies: The UK would no longer be bound by EU environmental and climate change policies, which could lead to a divergence in environmental standards and policies.

The likelihood of a "no deal" Brexit has increased due to several factors, including:

  1. Brexit deadline: The UK's departure from the EU is currently scheduled for October 31, 2019, and there is still no withdrawal agreement in place.
  2. Parliamentary gridlock: The UK Parliament has been unable to agree on a withdrawal agreement, and the government has been unable to pass a bill to implement the agreement.
  3. EU's "no renegotiation" stance: The EU has stated that it will not renegotiate the withdrawal agreement, which has increased the likelihood of a "no deal" Brexit.
  4. Government's "do or die" stance: The UK government has stated that it will not request an extension to the Brexit deadline, even if a withdrawal agreement is not in place.

It's essential to stay informed and follow developments closely, as the situation is rapidly evolving.