September 12, 2019

Anna Murray 

When the UK withdraws member status in the EU, commonly known as Brexit, on October 31 all rights and reciprocal agreements with the EU terminate. British Prime Minister Boris Johnson recently presented the Operation Yellowhammer no-deal Brexit document, which outlined the British government's 20 key planning assumptions, including 10 most critical scenarios, published after Members of Parliament demanded it be released publicly on September 11.

According to the no-deal Brexit planning document under the codename Operation Yellowhammer, if the UK left the EU without a deal, the UK could face shortages of food and medicine, warnings of localized disruption to trade and financial services. In addition, among the threat of public disorder, it also warned Northern Ireland would anticipate the worst hit under all the potential impacts with tariff and regulatory checks on goods moving over the border.

It seems the impact of Brexit could be less felt negatively in the EU. By contrast, German Chancellor Merkel has warned that the danger of the UK’s banking industry in adopting a low-tariff regime would become a Singapore-style competitor to undermine EU’s international investment and economies. Chancellor Merkel promises to take every opportunity in working out a Brexit agreement with Johnson’s cabinet in an orderly fashion for the remaining days.

Photo:Webshot.