‘No Deal’ is not an option in the long run: Amid the messy Brexit negotiations between the UK and the European Union, with the time running out for a deal, many anticipate a ‘No Deal Brexit’ that will come with higher tariffs, clogged entry and exit points, and uncertainty over data sharing and fishing rights. While the EU countries too will take the brunt, the impact will be distributed among 27 countries. One official estimate suggests that the lack of a trade deal would take an extra 2 per cent off Britain’s economic output and drive up inflation, unemployment and public borrowing. Even if a deal may not be pulled off before December 31, there is no escape for UK from some kind of deal in the long run. - Babu Das Augustine, Banking Editor
AP