The United Kingdom's possible withdrawal from the European Union without a deal on exit conditions, ratified by both sides, remains the main domestic source of risk for the EU economy, the European Commission said in its interim summer economic forecast, released on Wednesday
BRUSSELS (Pakistan Point News / Sputnik - 10th July, 2019) The United Kingdom's possible withdrawal from the European Union without a deal on exit conditions, ratified by both sides, remains the main domestic source of risk for the EU economy, the European Commission said in its interim summer economic forecast, released on Wednesday.
"On the domestic side, given the purely technical assumption of status quo in terms of trading relations between the EU27 and the UK, a "no deal" Brexit remains a major source of risk," the forecast read.
The United Kingdom was supposed to leave the European Union in late March but failed to do so because the parliament refused to back the withdrawal agreement proposed by Prime Minister Theresa May. The European Union gave London until October 31 to find a way out of the deadlock.
