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No-deal Brexit? What it might mean for Britain

EU citizens in Britain and British citizens in the EU would risk losing residency and other rights

Ersin Çelik
16:19 - 7/08/2018 Tuesday
Update: 16:23 - 7/08/2018 Tuesday
REUTERS
Britain's Secretary of State for Exiting the European Union Dominic Raab and European Union's chief Brexit negotiator Michel Barnier hold a joint news conference in Brussels, Belgium.
Britain's Secretary of State for Exiting the European Union Dominic Raab and European Union's chief Brexit negotiator Michel Barnier hold a joint news conference in Brussels, Belgium.

Will a no-deal Brexit mean chaos?

With less than eight months until Britain leaves the EU, time is short to negotiate an agreement or prepare both sides for the possibility of no deal.

Any disorderly Brexit risks delays at borders as officials struggle with a sudden introduction of new customs rules.

Britain's government is drawing up plans to stockpile medicines and blood products before a possible no-deal Brexit.

In the worst-case scenario, Britain would fall out of EU arrangements such as the U.S.-EU aviation Open Skies agreement, possibly causing transport chaos. Financial derivatives trading would face legal uncertainty.

EU citizens in Britain and British citizens in the EU would risk losing residency and other rights.

Given the potential for disruption, the EU might offer to extend the Brexit negotiation period if there were some prospect of a deal, Malcolm Barr, a JP Morgan economist, said.

"The EU knows that a no-deal Brexit would hurt all involved and would be an enormously complex problem to manage," he said.

#UK
#Brexit
#EU
6 years ago