Brexit bombshell: Chance of no deal ‘higher than ever’ as Europe braced for recession

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Peter Fitzgerald told Bloomberg that the coronavirus pandemic will potentially lead to one of the worse recessions in modern history, with GDP falling in double digits. Mr Fitzgerald stated that hardcore Brexiteers will see the recession as a perfect distraction to get a no deal Brexit through.    

Mr Fitzgerald said: “The ability of Europe to come up with various rescue packages without the involvement of the UK is something a lot of people under appreciated.

“The ability of the EU to come together in times of crisis.

“Ultimately, it is a political agenda rather than purely an economic one which determines its success and how it moves forward.

“In terms of Brexit, I think people should be very concerned.

“The reason I say that is in the midst of what most people recognise as one of the worse recessions in modern history, where you are seeing GDP fall in double-digit figures.

“If you are a hardcore Brexiteer you have got a perfect distraction to get your hard-Brexit through

“I think the risk of a no deal Brexit is probably higher now than it has been at any point in the process.”

Last month Michael Gove revealed staying in the European Union for another year could cost the UK between £20billion gross and £10billion net.

The Chancellor of the Duchy of Lancaster outlined the cost to the UK if the Brexit transition period is extended during the Lords’ European Union committee.

Lord Lamont asked: “Can you be more precisely about what the costs of an extension to the transition period would be?”

Mr Gove replied: “Yes, for every year continued membership the additional cost would be between £20billion gross and £10billion net.

“One additional complicating factor is that the current multi-annual framework of the EU ends at the end of this calendar year.

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“There would be a new MFF.

“It would be decided by the EU 27 and we would not have a voice in that process.

“We would find that even the limited say we had in the setting of the MFF when we were a member of the EU would have gone.

“So, we can’t know preciously what bill we may be saddled with were we to agree to another year of continued transition.”

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