PHOENIX—The United Kingdom (U.K.) escaped a no-deal Brexit once again, getting an extension to Jan. 31, 2020, to work out the details of its exit from the European Union (EU). Politicians may be nearing an agreement on how trade between the U.K. and the rest of the EU will be conducted afterwards, but, with or without a trade deal, Brexit may be tough on the U.K. economy.
A few weeks ago, the U.K. seemed on the verge of crashing out of the EU by the Oct. 31 deadline without a plan to regulate trade with the other EU countries. On Oct. 17, EU leaders endorsed U.K. Prime Minister Boris Johnson’s proposed deal. But there wasn’t time to get the deal through Parliament by the Oct. 31 deadline, and the EU granted the U.K. the…
Credit to Allen Smith, J.D. for the original post.