Here we go again – another deadline for Brexit. New British Prime Minister Boris Johnson has vowed to take the United Kingdom out of the European Union (EU) by 31 October, without a “deal” if necessary.
This is after the last deadline, 30 March, was missed; which contributed to former Prime Minister Theresa May’s ditching. It is history that May’s negotiated “Withdrawal Agreement” will not be the deal that the UK eventually accepts.
In keeping with the incredibly fractious debate that has characterised Brexit since the initial vote in June 2016, the fear-and-loathing over the 31 October deadline is intensifying. The Johnson government may not get what it wants, but the markets now know that the British government is prepared for a complete break from the EU – the so-called “no deal” outcome, with the subsequent opportunity to negotiate a free-trade arrangement with it as a fully sovereign non-member.