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Be Prepared for a ‘No Deal’ Brexit! 🇬🇧 🇬🇧 🇬🇧

4,707 views · Published 5 August 2017 · 4:17 · Indexed 12 November 2026

Channel: Jeff Taylor · 2017 · News & Politics

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Former Governor of the Bank of England, Lord King, said that the UK had better be prepared for a ‘No Deal’ Brexit.

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Speaking on BBC Radio 4’s Today programme, Lord King of Lothbury said that failing to get a Brexit deal with the EU was not anyone’s ‘first preference’, but the UK needed to do more to ensure that the EU negotiators know that the UK can and will walk away if a deal is not forthcoming.

According to Lord King we’ve wasted a year when we should have been making any fall-back option, such as WTO rules, look credible to the other side. But it is do-able, he said, if we start now.

He said that the other side must be in no doubt that we will get up and walk out of the room and be able to make Brexit work under World Trade Organisation rules, otherwise they will think that we have no credible alternative, but to give in to any demands they might make.

"We are where we are,” he said “and we are in a negotiation and it's important that the negotiation succeeds.

He went on to say, "But it cannot succeed without a credible fallback position and that is something which I think is a practical thing that the civil service ought to be taking a lead on."

When asked what the outcome of Brexit would be, Lord king did say: "I don't know what the economic consequences of Brexit will be, that's the only honest answer."

The Prime Minister, Theresa May, has already said in the past that no deal is better than a bad deal and Brexit minister, Steve baker, has confirmed in a letter to Labour MP Chuka Umunna of the Open Britain campaign, that the government is doing everything that a responsible government should do in preparing for a range of outcomes. And, even before last year’s in/out referendum, former UKIP leader, Nigel Farage, has always maintained that WTO rules would be far preferable to staying in the EU. So, the fact that the UK sees WTO rules as an option is not news to anyone.

But, with all the recent demands from the EU about large divorce bills, maintaining freedom of movement of people and staying under ECJ jurisdiction, it seems that the message has not got through to our European Union counterparts. Either that or they’re just refusing to listen.

Playing softly, softly with our Brexit negotiations coupled with the constant carping from the sidelines by the Remain lobby, seems to have given the EU team the confidence to take a firm stand.

How much longer are we going to be forced to play this game before we say, enough is enough, it’s WTO rules at midnight tonight unless you start talking sensibly?

Once it is absolutely clear that we mean business, then the ridiculous claims will cease and serious talks about how the EU keeps itself afloat by continuing to sell us more than we sell to them, will start.

What do you think? Is Lord King right? Haven’t we done enough to convince the EU that where Brexit is concerned, we actually mean business?

Please leave a comment below. Thank you.

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