Boris Johnson, the front-runner to be Britain's next prime minister, has ra...
LONDON - Boris Johnson, the front-runner to be Britain’s next prime minister, has raised the prospect of a shock for the world’s fifth-biggest economy by pledging to leave the European Union on Oct. 31 without a transition deal if necessary.
Output in a less severe but still disruptive no-deal Brexit - in which Britain and the EU avoid snarl-ups at the borders, for example - would fall by around 3 percent. Johnson says Britain could avoid those tariffs, under world trade rules. That claim has been rejected by the BoE’s Carney, trade minister Liam Fox and the EU’s top trade official who say it would need an agreement with the EU.
Brexit supporters say the use of cameras and tracking technology would ease any border problems and that exports would flow freely once Britain gets an EU free-trade deal. Fearing delays, many manufacturers and retailers stockpiled parts and goods ahead of Britain’s original March Brexit deadline, leaving little warehouse space in the country.
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