‘No Deal Brexit’ receives growing support in the UK, officials from banking

London: Former chief of British intelligence cautioned that “the United Kingdom will emerge stronger by accepting a No Deal Brexit, rather than following the agreement signed by Prime Minister Theresa May with the European Union (EU). In an open letter signed by 33 honourable members of the industry and education sector, which was published in British daily appeals that British parliamentarians should support the No Deal Brexit as it was a better option for the United Kingdom. At the same time, Governor of the British Central Bank, Mark Carney also has supported No Deal Brexit, saying that the damage it would cause to the economy would be comparatively less.

On 29^th of March, 2019 the United Kingdom would exit the European Union as per the signed agreement. However, the deal is being criticised in the political circles saying that it was misguiding the British people and vesting controls in the hands of the EU. There is a significant divide in the British parliament over the issue, and a rebellion has emerged from the ruling party. Prime Minister Theresa May has bluntly warned to either accept the draft of the agreement or face a No Deal Brexit.

However, a significant fraction of parliamentarians from the ruling party and the opposition Labour Party have made two independent proposals, rejecting the Prime Minister’s warning. As per one of the recommendations, the date for Brexit should be extended, and fresh negotiations should be held with the EU while the other proposes changes to the existing draft. Even so, the Union has cornered Prime Minister Theresa May warning that no significant changes other than instantaneous changes, would be made to the agreement.

Against the background of the unstable political situation in the UK, one of the groups is insisting on accepting the No Deal Brexit stating it would free the United Kingdom from the clutches of the European Union. The group has pointed out that to the news reports of the government already being in the process for a No Deal Brexit situation. The group comprises of current and retired administrative officials, industrialists, experts along with parliamentarians. The group supporting the No Deal Brexit has written a letter, which has also been signed by the former chief of British Secret Service, Sir Richard Dearlove.

‘The agreement signed by Prime Minister Theresa May with the EU is disastrous. The United Kingdom will not benefit, in any way, from it. On the other hand, the United Kingdom would have no control whatsoever, over the immigrants coming from the EU. Under the agreement signed by May, restrictions would be imposed on the new trade agreements and the United Kingdom would have to a pay a sum of GBP 10 billion to the EU,’ former head of MI6, Sir Richard Dearlove claimed. At the same time, the letter appeals to the British parliamentarians not to support the agreement signed by Prime Minister Theresa May and to go for the No Deal Brexit option.

Meanwhile, Governor of the Bank of London, the British Central Bank, Mark Carney, while supporting the No Deal Brexit has claimed that the losses suffered because of it would be considerably less than the other options. Carney also argued that the measures were taken by the British government, given the possibility of a No Deal Brexit, would reduce the economic losses for the state.