No deal is better than bad deal

London, Gracechurch Street

This week the Director of the International Monetary  Fund, Christine Lagarde, has warned of dire consequences if no deal is reached before 28 March 2018 between the UK and EU, as leaving the EU with no deal would be costly for the British economy. Actually, Mrs. Lagarde has said: "The larger the impediments to trade in the new relationship, the costlier it would be". She has pointed out a black picture if there is no-deal Brexit, considering the negative impact it could have on the UK in terms of "Shock to supply" of goods. In the case of  no-deal Brexit the EU is obliged under WTO rules to impose tariffs on goods which will be imported from the UK.

In 2016 British people would given the option to remain or to leave, but they didn't think how to leave the EU. It has become increasingly clear that people didn't know  what they were voting for, and some people now are regretting having voted the way they voted.   

Being part of the EU or not has been an issue into the UK's political framework for decades. In addition, it isn't easy to understand at this stage how pro-Europe or anti-Europe voices within the parliamentary majority are stronger this days. And while the government is still divided on this issue, EU leaders have warned UK that it can't cherry-pick aspects of membership.

In the meantime, the UK's Prime Minister, Theresa May, who has accused the EU of not treating the UK with respect, has said "No deal is better than bad deal". She knows there is not much time left until the deadline on 28 March next year.