UK economy to remain in dark as Brexit games continue to surprise


Devdiscourse News Desk | London | Updated: 09-04-2019 15:14 IST | Created: 09-04-2019 14:57 IST
UK economy to remain in dark as Brexit games continue to surprise
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Brexit may be postponed once again this week, perhaps by as much as a year. The British economy, though, will remain a prisoner of a confidence-sapping uncertainty. British Prime Minister Theresa May will ask for an extension to the April 12 Brexit date in an effort to find agreement among lawmakers on what a deal should look like. The EU is more inclined to grant a longer extension to make sure Britain has the time to sort out its political impasse.

While an extension reduces the likelihood of a 'no-deal' Brexit, which would see the country crash out of the EU on Friday with likely painful economic consequences, it prolongs the uncertainty for businesses. That uncertainty has led a drop in businesses investments, foreign investment, and consumer spending.

(With inputs from agencies.)

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