November 15, 2018

Brexit Deal reached but strong resistance in the UK increases crash Brexit risk

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In Short

Yesterday, the UK and the EU agreed on the terms of a withdrawal agreement, which UK Prime Minister (PM) May presented to her Cabinet, gaining only a majority approval.
Brexit Deal reached but strong resistance in the UK increases crash Brexit risk
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Highlights:

  • Yesterday, the UK and the EU agreed on the terms of a withdrawal agreement, which UK Prime Minister (PM) May presented to her Cabinet, gaining only a majority approval.
  • The agreement was possible due to a compromise on the Ireland border issue, which now foresees the whole UK to temporarily stay in the EU Customs Union.
  • That said, May faces stiff resistance. The Northern Ireland DUP stated that it would vote against the deal and according to media reports May could soon face a no confidence vote triggered by members of her own conservative party.
  • In our view, the risk of a crash Brexit has increased. Financial markets reacted with safe haven flows.

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BREXIT DEAL REACHED BUT STRONG RESISTANCE IN THE UK INCREASES CRASHBREXIT RISK

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