Wainwright Marks Management Warns Against "No- Deal" Brexit
September 18, 2018 (PRLEAP.COM) Politics NewsWainwright Marks Management analysts say that, according to the International Monetary Fund, the UK's economy will contract if it departs from the European Union without a deal in March of next year.
George Peterson, Director of Private Clients at Wainwright Marks Management says that Britain's economy will suffer at least some degree of damage regardless of the terms agreed between the UK and the EU.
The IMF has forecast that in the event of a broad agreement, the UK's economy will expand by approximately 1.5 percent per year this year and next, causing it to lag behind its peers.
Wainwright Marks Management's Peterson says the company is hopeful that a favorable deal will be struck between the EU and the UK and that failure to reach a deal will cause Britain's economy to suffer.
Managing Director of the IMF, Christine Lagarde recently echoed these sentiments in a yearly report on the UK economy, saying that compared to the current single market system, any Brexit outcome would have a negative impact on the British economy and, to a lesser degree, the European Union.
Wainwright Marks Management analysts say the greater the barriers to trade in the post Brexit system, the higher the cost to the UK economy will be.
The UK is due to exit the European Union in slightly more than half a year's time but the European Union and the UK have not yet agreed to terms that will ensure a transition period is possible.
British Prime Minister Theresa May has battled to overcome divisions within her own party over the terms of a Brexit agreement. She has struggled to bridge a deep divide within her Conservative Party about how close a relationship Britain should have with the EU post Brexit.