Britain's Chancellor of the Exchequer Philip Hammond
British finance minister Philip Hammond said on Monday that London had to listen to the "clear warnings" from the International Monetary Fund about the risks of a no-deal Brexit to Britain's economy.
Hammond, speaking as the IMF said in a report that Britain faced a "significantly worse" economic outlook if it did not reach a Brexit deal, said he was confident an agreement would be reached in the autumn, but a no-deal outcome was not impossible.
Hammond has been criticised by some Brexit supporters who say he wants to maintain a relationship with Brussels that would keep Britain under too much influence from the EU.
Britain's economy would face a "significantly worse" outlook if the country leaves the European Union next year without a deal than if it reaches a Brexit agreement, the International Monetary Fund said on Monday.The IMF said it expected Britain's economy would grow by about 1.5 percent a year in 2018 and 2019 if a broad Brexit agreement was struck.In July, the IMF said the economy would grow by 1.4 percent this year and 1.5 percent in 2019.But a more disruptive Brexit would lead to a "signficantly worse outcome", the IMF said in its latest report on Britain's economy published on Monday.EU must do all it can to avoid hard Brexit: Austrian chancellorBritain is due to leave the EU in March next year but London and Brussels have yet to strike a deal to secure a transition period. Prime Minister Theresa May is hoping to make progress towards a deal when she meets fellow EU leaders this week.Britain's economy -- the world's fifth-biggest -- slowed after the 2016 referendum decision to leave the EU and it continues to be outpaced by most other rich nations.However, stronger-than-expected data last week showed the economy had its fastest growth in nearly a year, helped by the World Cup and hot summer weather.The IMF said there was a "daunting" range of issues still be dealt with for Brexit and all outcomes of Britain's departure from the EU would entail costs for the economy. The alternative to my Brexit deal is no deal: UK PM MayEU leaders to discuss migration, Brexit in Salzburg
UK faces 'significantly worse' outlook if no Brexit deal: IMF
Britain's European Union partners should do everything in their power to avoid a "hard Brexit" in which London leaves the bloc without a deal, Austrian Chancellor Sebastian Kurz said on Monday."I think that we agree that we have to do everything possible to avoid a hard Brexit," Kurz told reporters in Paris, where he was meeting French President Emmanuel Macron."It's indispensable that we reach an agreement and that European Union rules be fully maintained," Macron said. The alternative to my Brexit deal is no deal: UK PM MayEU leaders to discuss migration, Brexit in Salzburg
EU must do all it can to avoid hard Brexit: Austrian chancellor
British Prime Minister Theresa May has warned rebels in her party that the alternative to her potential Brexit deal with the EU is no deal.The United Kingdom is due to leave the EU on March 29 and yet little is clear: There is, so far, no full exit agreement and some rebels in May's Conservative Party have threatened to vote down a deal if she clinches one."I think that the alternative to that will be having no deal," May told BBC TV.The main sticking point to agreeing a deal between Britain and the EU is the issue of ensuring there will be no hard border between Northern Ireland and the Irish Republic after Brexit.The Times newspaper reported that the EU's chief negotiator, Michel Barnier, is working on a new protocol text outlining how to use technology to minimise checks on the border.Under the EU plan, goods could be tracked using barcodes on shipping containers under "trusted-trader" schemes administered by registered companies, the Times reported.Reuters reported on Sept. 12 that EU officials were working on a sensitive Irish protocol to the draft Brexit treaty with Britain, as part of what Barnier has called efforts to "de-dramatise" the issue and get a deal.The proposals are to be circulated to European governments after the Conservative Party conference which starts on Sept. 30, according to the Times.The "revised draft of the Northern Ireland protocol", according to a diplomatic note of talks between EU ambassadors, will propose that most new checks would not happen at any border, the Times said. London mayor calls for second referendum on BrexitBritish ex-Foreign Minister Johnson says supports May, opposes her Brexit planBritain and EU 'closing in' on a Brexit agreement, Raab saysBrexit talks 'closing in on workable solutions,' Raab says
The alternative to my Brexit deal is no deal: UK PM May