100 days til Brexit EU reveals ‘essential and urgent’ no-deal plans
The EU has ramped up preparations for a no-deal Brexit, revealing temporary measures it will put in place should the UK bail out of the bloc with a plan.
The EU Commission announced on Wednesday that it has begun preparing for a no-deal Brexit after the UK prime minister Theresa May looks increasingly unlikely to gain support for her exit plan.
Given the continued uncertainty in the UK surrounding the ratification of the withdrawal agreement the European Council will ‘intensify’ preparations at all levels and for all possible outcomes, the EU Commission said in a statement.
However, the EU admitted that it is impossible to mitigate all impacts that will arise from a no-deal Brexit.
How is the EU prepping for no-deal Brexit?
The EU Commission revealed 14 measures across a limited number of areas where a no-deal scenario would create ‘major disruption’ for citizens and businesses in the EU27, including financial services, transport and climate policy.
‘The Commission will continue to implement its Contingency Action plan in the weeks to come and will monitor the need for additional action, as well as continue to support member states in their preparedness,’ the EU Commission said.
The Commission said that it considers it ‘essential and urgent’ to adopt these measures to limit the most significant damage caused by a no-deal scenario in these areas.
May urges UK firms to prep for no-deal scenario
On Tuesday, May announced that she and her cabinet are ramping up preparations for a no-deal Brexit.
The government has also sent letters to around 140,000 UK businesses urging them to ensure that they have adequate plans in place to handle the country departing the EU without a deal in place.
May has even said that 3,500 British troops are already on standby to make sure that essential services remain online.
The UK is scheduled to leave the EU bloc on 29 March 2019, following the government triggering Article 50 two years prior.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
