Another day, another delay: EU summit in October will no longer be a place to agree on post-Brexit plans.
An October EU summit was supposed to mark a key date in the Brexit timeline, a time for the EU and UK to agree on their post-Brexit relationship. However, there are widespread media reports today, that the ambitious self-imposed deal deadline will be pushed to mid-November at the earliest. The EU will now have to facilitate an unplanned emergency summit. As we noted in Monday’s post, this was always a likely outcome, but it does fundamentally alter the entire Brexit timeline.
More importantly, this latest delay is further indication that the EU and UK diplomats and negotiators are not making the requisite headway on substantive issues, primarily the Irish border problem, thus greatly increasing the probability of a no-deal Brexit.
If you missed us first time around, here are our thoughts on What A No-Deal Brexit Would Mean for Asset Managers.