• D. Brit

Germany Says UK, Not EU Will Face Fallout If No Brexit Deal Reached


What Happened:

  • On Saturday, German Finance Minister Olaf Scholz said the UK would face a major fallout if post-Brexit trade talks finished without a deal in place.

  • EU-UK trade talks have stalled after the UK implemented new domestic legislation that breaks with the Brexit Withdrawal Agreement.

  • The new legislation, titled the "Internal Market Bill", was proposed by UK Prime Minister Boris Johnson and breaks international law. Specifically, the UK is seeking to undo sections of the Northern Ireland Protocol.

  • The UK officially left the EU on January 31st and is now negotiating future trade relations.

"My assessment is that an unregulated situation (no deal) would have very significant consequences for the British economy. Europe would be able to deal with it and these would not be particularly difficult consequences after the preparations we have already made," said German Finance Minister Olaf Scholz on Saturday.
  • Scholz told reporters, "My assessment is that an unregulated situation (no deal) would have very significant consequences for the British economy. Europe would be able to deal with it and these would not be particularly difficult consequences after the preparations we have already made."

  • The EU said the legislation has "seriously damaged trust" between the two sides and warned London that if it does not amend the legislation in the next three weeks, the UK will face legal action.

Photo Credit: "Thanks for your like" via Pixabay

7 views0 comments