The UK Parliament has when again failed to come to an arrangement in the ongoing Brexit saga, and the cost to the country is starting to add up.
The second series of votes on Brexit options, formed to see what Members of Parliament may carry amid the standoff, was held on Monday evening in the House of Commons, the principal decision-making group of the UK Parliament, following hours of deliberation.
With merely four choices on the ticket, the bulk of them the finalists from the preliminary, with some adjustments, Britain’s government again neglected to come to a settlement. The goal was that now, with fewer choices and the clock ticking ahead of the April 12 Brexit due date, MPs would mobilize behind a particular plan and provide a compromise that could end the political standstill.
As things stand, the UK has only two choices. In the absence of May’s deal– still the only one on the table– being confirmed by MPs then the UK government need to notify the EU whether or not it intends to engage in the European Parliamentary elections.
If it gets involved, then it’s an extended stay in the EU, with Brits standing in the European Parliament and the Brexit dream slipping from the UK’s clutch. The alternative is a no-deal crisis which will leave the country’s economy in poor shape.
No-deal Brexit is costing Britain billions
According to a new report from Goldman Sachs, the country’s inability to come to an agreement on how to exit the European Union is costing the country ₤600 million weekly.
The report discovered that Brexit had cost the world’s 5th largest economy almost 2.5 percent of GDP at the end of 2018, compared to its growth path prior to the mid-2016 vote on exiting the alliance.
If the UK and EU delay even more to prevent a turbulent no-deal separation, the preparations might end up to have been for nothing.
Goldman’s predictions came as data revealed that factories in Britain stockpiled for Brexit at an explosive rate last month, unlike anything seen before in a significant growing economy and a preface to a likely sharp financial investment need going forward.
The report echoes a Bank of England review of the situation that suggested around ₤40 billion annually, or ₤ 800m a week, of earnings would be lost for the country as a result of the 2016 vote to leave the European Union.
May’s nine lives are running out
On April 10, May will go to an emergency summit with leaders of the European Union in Brussels. In this summit, the Prime Minister is to notify the EU of the UK’s next move. This slow and painful procedure may end up being a route to a majority between May and those searching for alternative ways to leave the chaos behind.
If the UK’s governing body fails to reach an agreement, then it’s an extended stay in the EU, with Brits standing in the European Parliament and the Brexit dream slipping from the UK’s grasp.