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Supreme Court ruling clear, but Brexit future still murky
Bankruptcy |
2019/09/24 23:00
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The landmark British Supreme Court ruling that Prime Minister Boris Johnson's suspension of Parliament was unlawful did not deal directly with plans for Britain's anticipated departure from the European Union. Brexit will however be top of the agenda in Parliament now that lawmakers have returned.
As things stand, Britain is scheduled to leave the EU on Oct. 31 unless the British government requests an extension and the other 27 EU countries agree to a further delay.
However, Parliament passed a bill earlier this month before Johnson suspended Parliament requiring the prime minister to seek a three-month extension if no withdrawal agreement has been reached with the EU by Oct. 19.
Johnson insists that he is pursuing a deal with the EU, but has repeatedly said that if there is no deal, he will take Britain out of the EU on the scheduled Brexit date rather than request an extension.
For most economists, including those in government and the Bank of England, a no-deal Brexit would trigger a recession as trade barriers, including tariffs, are put up between Britain and the EU. There's also a widespread expectation that there will be gridlock at Britain's ports, and shortages of some food and medicine.
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