Trade

German finance chief Scholz: No-deal Brexit will hit UK harder than EU

BERLIN — The U.K. economy will suffer far more than the EU if the two sides dont agree a trade deal, German Finance Minister Olaf Scholz said Saturday.

Olaf Scholz spoke at a press conference in Berlin after two days of informal talks with his counterparts from around the EU, adding that the bloc is “well prepared” for a cliff edge.

“A hard Brexit would have very harsh consequences on the U.K. economy,” he said. “Not so much on the EU economy after the preparation we have already made for this eventuality.”

His comments come as tensions between the EU and U.K. have shot up over the British governments Internal Market Bill, which would allow London to change parts of its divorce agreement with the bloc.

EU officials and member countries have expressed outrage over the bill. European Commission President Ursula von der Leyen said the U.K.s plan “would break international law and undermines trust.”

U.K. Prime Minister Boris Johnson defended his plans Saturday in British newspaper the Telegraph, claiming thaRead More – Source