Is Brexit Inevitable?

The EU’s chief Brexit negotiator, Michel Barnier, spars with his UK counterpart David Davis
Oct. 10, 2017: The United Kingdom’s Secretary of State for Exiting the European Union, David Davis (L), at a briefing with Michel Barnier, EU chief Brexit negotiator (source: dpa)
  • The EU and UK remain at loggerheads over a transition deal after Brexit
  • A “bespoke” deal giving the British financial sector special rights is not on the cards
  • Revoking the UK withdrawal declaration or a second Brexit referendum are unlikely

Evidence is steadily mounting that Brexit will have a negative impact on the economies of the United Kingdom and the European Union countries, and time for softening the blow is running out.

The European Commission has set October 2018 as the deadline for completing exit negotiations, a date chosen to leave enough time for parliaments to approve any deal before Britain leaves the EU at midnight between 29 and 30 March 2019.

But the October deadline is looking increasingly unrealistic. The negotiations will probably go down to the wire. The two sides’ red lines are currently far apart and leave them little room for maneuver, raising the risk that Britain will crash out of the EU without an agreement.

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