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.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
See an opportunity to trade?
Go long or short on more than 13,000 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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.