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Failure to reach Brexit deal looking more likely, says United Kingdom minister

08 August 2018

-China trade tensions showed little sign of easing and investors factored in a greater chance of a no-deal Brexit.

With less than eight months until Britain quits the European Union, the government has yet to agree a divorce deal with Brussels. After reporting a 5 percent rise in first-half profit before tax, the lender said it remains cautiously optimistic for global growth in the remainder of the year.

His comments come as the deadline looms for Britain to exit the European Union on March 29, and amid growing fears that a divorce deal will not be agreed in time.

He said Mr Barnier had dismissed the UK's proposals in the Chequers plan thrashed out by Theresa May and the Cabinet simply because "we have never done it before". Aircraft maker Bombardier Inc. on Monday told the Press Association that it may have to stockpile parts at a cost of 30 million pounds ($39 million) to mitigate for a no-deal Brexit that disrupts trade and supply chains.

Fox's interview follows on from a warning on Friday by Mark Carney, Governor of the Bank of England, who said that the likelihood of a No Deal is "uncomfortably high" and that everything should be done to avoid it.

Meanwhile, Labour's Brexit policy will be challenged by its members.

May's office said in an emailed statement Sunday that while the government is "confident" of securing a deal, "it is the job of a responsible government to prepare for all scenarios".

Last week, Mrs May cut short her summer holiday to meet with French president Emmanuel Macron. The EU is acting as one in these negotiations and refusing to compromise even if it is in the interests of both sides for it to do so. Former Brexit Minister David Jones used an article in the Sun on Sunday to condemn May's plan, enshrined in a so-called White Paper, as "Brexit in Name Only", or "Brino".

"But the global trade secretary is right to say there is a risk of the negotiations not succeeding and the government has to prepare for all eventualities".

Failure to reach Brexit deal looking more likely, says United Kingdom minister