A report says that there could be devastating and damaging effects on Britain’s economy if Britain exits the European Union without having a deal. However, Theresa May has remained in her opinion that having no deal is way better than a bad one.
‘No deal’ should not be an option
A report by Changing Europe that brings experts from law, politics, and economics together suggests that the planned exit from EU on March 2019 without reaching an agreement when the Article 50 process is almost getting to an end would affect many sectors of the nation.
A professor at Kings College London, Professor Anand Menon said that their study shows that a chaotic exit of Britain from the EU would cause an economic disaster, political disorder, and legal difficulties. As such, the ‘no deal’ option should not be considered by the British government.
The reports take a look at the possible risks of opting for a no deal and a ‘timed-out Brexit’- a scenario where the deadline set during the time Theresa May initiates article 50 expires without reaching an agreement. Also, the risks of premature Brexit – a case where talks get down before the deadline because Britan goes off is not worth an experience.
Then again, a Cliff-edge Brexit would mean having an exit deal signed with a new free trade agreement. This has caused fear that made the chancellor, Philip Hammond to call for a transition to give business certainty. And the worst scenario would be a Chaotic Brexit where no deal would be reached even with regards to exit.
The study finds that settling for any of these two options may halt aircraft activities, safe transportation of nuclear materials and the unanswered question of who would judge to ensure the safe use of drugs.
The prospects of the EU withdrawal bill
The EU withdrawal bill of the government was published last week; it offers ministers the power to find new regulators to handle the jobs processed by EU presently as well bring down all EU laws to the UK statute book.
However, the government doesn’t find it easy passing the legislation and making the necessary reforms even if they opt to strike a deal with EU in time.
Menon said that the ‘no deal’ option doesn’t mean an end to the country but would have an important and damaging impact. Menon’s warning came after it was disclosed that the government had spent about £1.2m which comes from the taxpayer’s money in legal actions, one of which is the case Gina Miller filed to ensure Theresa May gives the parliament a vote before she sets off with her Brexit plans.
In brief, David Davis department spent £3.7m on legal costs of which £2.2 was used for legal advice policy and the remaining £1.2 was spent on two legal matters including that of article 50.
Tom Brake, the Liberal Democrat Brexit spokesperson, said that the huge money spent is detrimental to the taxpayers. Now the public have to pick up the fight after several failed attempts by the Conservatives to avoid the intense scrutiny over Brexit.