Britain warns will not pay Brexit cash if no European Union deal

Sheri Evans
September 16, 2018

The second tranche of technical notices giving guidance on the impact of a no-deal Brexit has been released by the Government.

Bank of England Governor Mark Carney told the meeting Britain's property market would crash and mortgage rates would spiral up in the event of a chaotic no-deal Brexit, with house prices falling 35% over three years, the Times newspaper reported.

We envisage quite a rush on post offices next year for the £5.50 IDPs if no deal is reached.

Dr Adam Marshall, director general of the British Chambers of Commerce, added that key questions remained unanswered.

It forecast that the UK Department for Transport would have to boost its working ranks by more than 60% to deal with all the Brexit changes.

Mr Raab caused ructions on Thursday after suggesting that Britain might withhold some of the £39 billion "divorce bill" agreed in December in the absence of a withdrawal agreement.

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Carney said he would not be able to cut interest rates in such a scenario whilst finance minister Philip Hammond warned that he would not be able to use tax cuts to boost the economy due to the hit to the public finances, the paper said.

Britain and the European Union are "closing in" on an agreement on the terms of the UK's withdrawal and their future relations, Brexit Secretary Dominic Rabb has said. The automotive, airline, aerospace and chemicals sectors would be most severely affected, Moody's said, as they account for the largest trade flows in goods with the EU. Sky also reported that Transport Secretary Chris Grayling has written to his 27 European Union counterparts urging them to negotiate bilateral deals "as soon as possible" to ensure seamless air and road transport with Britain in the event of a no-deal Brexit.

The pound fell as much as a quarter of a percent to a low of $1.2994 against the dollar after the BBC reported a group of about 50 lawmakers in May's ruling Conservative Party had met to discuss how and when they could force her out of her job.

Mr Raab had an "extended" phone call on Friday with the EU's chief negotiator Michel Barnier to review progress in the Brexit talks.

But a technical paper released by the Department for Business, Energy & Industrial Strategy (BEIS) went further, warning the United Kingdom would "no longer play any part in the development of Galileo" or the related European Geostationary Navigation Overlay (EGNO) system.

Ministers insist that they would cap any new charges and mobile operators also insist they have no current plans to reimpose them.

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