The huge economic consequences of a No Deal Brexit throughout Europe are resulting in the Italian government looking at a possible bilateral deal in news that will disturb many in Brussels who are still refusing to renegotiate anything substantial with the British government.
There are warnings in Germany that the country is heading for recession and 100,000 jobs are on the line from a No Deal, and with Italy already in recession their government is exploring ways to mitigate any potential issues.
The Telegraph have quoted Claudio Borhi of Lega, the anti-establishment party led by Matteo Salvini, as saying: “We want the closest possible bilateral ties with the UK and certainly don’t agree with any idea of punishment. You are our customer.
“Unfortunately we are not in charge of Europe, at least not yet.”
The UK could cut tariffs dramatically in a WTO Brexit opening up cheaper imports from across the world, with Italy’s agricultural and industrial federation Coldiretti warning: “It is absolutely vital that we get a good accord. We have made big investments in the distribution network in the UK.
“What worries us about Brexit is that exporters in the rest of the world will come in and undercut us. This is what happened after the Russia sanctions in 2014. the Turks grabbed our market share.”
The fear of a No Deal is rising across Europe. In France, there are warnings that the UK taking back full immediate control of fishing waters could hurt 70% of workers in some areas and German industry has warned of an “abyss”.
With increasing fear of a No Deal across the continent, expect pressure for Brussels to strike a deal to increase. If not, European governments will have to consider what to do next. It all underlines the huge advantage the UK will have outside the EU as a self-governing, independent nation.
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