EU must move faster to prepare for no-deal Brexit risk - CBI

Dhwani Mehta FXStreet

The Confederation of British Industry (CBI), a British employers group, said on Sunday, the European Union (EU) is less prepared for a no-deal Brexit than the UK.

Key Highlights (via Reuters):

The EU, with the exception of Ireland, lags behind Britain in its no-deal preparations “by some way.”

“The combination of the EU and UK’s different approaches creates an imbalance, where EU goods and services exports will have easier access to the UK than UK goods and services exports will to the EU.”

“From the business perspective, the UK has taken a more responsible approach, but it has also put the UK in a position of relative weakness for negotiating with the EU in the future.”

The no-deal Brexit fears are already affecting the sentiment around the pound, and with the EU seen less prepared for it, the shared currency could be also weighed down by the renewed Brexit risks.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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