‘Brino’ on the cards

‘BREXIT IN NAME ONLY’: BANKER BELIEVES UK IS RUNNING OUT OF TIME

It would leave Britain subject to EU rules without the benefits of a divorce.

London

Former Bank of England governor Mervyn King said the UK was probably heading towards a “Brexit in name only” because the political elite have been so incompetent in negotiating an exit from the European Union (EU).

The UK is due to leave the EU on March 29, 2019 yet little is clear: there is, so far, no full exit deal, rivals to Prime Minister Theresa May are circling and some lawmakers are pushing for a rerun of the 2016 referendum.

King, a supporter of Brexit, said it beggared belief that such a major economy should be talking of stockpiling food and medicines.

“We haven’t had a credible bargaining position,” King, who ran the Bank of England from 2003 to 2013, was quoted as saying by the BBC. He said the UK would probably find itself with Brexit in name only, dubbed “Brino”, which was the worst of all worlds. It would leave Britain closely linked to the EU, a state Brexiteers say would leave it subject to EU rules but unable to reap the benefits of a full divorce. With less than seven months left before the UK is due to leave the EU, the country, its politicians and its business leaders remain deeply divided over Brexit.

Recent opinion polls show voters think May is handling the process badly and there may be a slight move towards support for staying in the EU.

“Both camps feel they haven’t got what they wanted,” King said, adding the failure of Britain to provide a united front in negotiations was shocking.

“The EU has been united, has been clear, has been patient and it’s the UK that’s been divided without any clear strategy at all for how to get to where we want to go.” – Reuters

Britain considers stockpiling food and medicines