No matter what Boris Johnson or his new Vote Leave cabinet threaten – and the expectation in Brussels is that no-deal planning will be ramped up in an attempt to intimidate other EU countries – be in no doubt: there isn’t time to limit the damage of a sudden severance from the world’s largest trading block this Halloween.
Unless a further extension is requested, or article 50 is revoked by 31 October, when the current extension of UK membership expires, a dramatic shock awaits the global economy and we all stand to lose. The few who may prosper are the wealthy bankers and hedge fund managers who have bet on chaos.
It is fiction to talk of rewards for citizens or mini-deals to mitigate the damage. Faced with a British government intent on ratcheting up talk of no deal, other European governments have no choice but to prepare for the worst, too – but this is far from a desirable path. In the face of such irresponsible posturing, far from feeling threatened, I fully expect EU governments to remain calm and keep their unity. Attempts to put pressure on Ireland will only be met with waves of solidarity from the rest of the EU. » | Guy Verhofstadt* | Wednesday, July 31, 2019
* Guy Verhofstadt is Brexit coordinator for the European parliament
