Search ForexCrunch

While Brexit headlines have been very ‘noisy’of late, of the sense that the sentiment changes from one day to another and the uncertainties can be taken for granted as a negative for the pound, the weekend news came with a short article in the BBC that noted Liam Fox told the Sunday Times  that the chance of a no-deal Brexit is growing.

Keynotes from the BBC’s piece titled: ‘Liam Fox: No deal most likely Brexit outcome for UK‘:

  • Fox is blaming the “intransigence” of the European Commission.
  • The international trade secretary and Brexiteer put the chance of failing to come to an agreement at “60-40”.
  • He told the Sunday Times that Brussels’ chief negotiator had dismissed the UK’s Chequers proposals simply because “we have never done it before”.
  • No 10 insists the government remains confident it can get a good deal.
  • Mr Fox told the paper that he had not thought the likelihood of no-deal was higher than 50-50, but the risk had increased.
  • He said the EU had to decide whether to act in the economic best interests of its people, or to go on pursuing an approach determined by an obsession with the purity of its rules.
  • “I think the intransigence of the commission is pushing us towards no deal,” he said.