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The Brexit dinner: "A no-deal would be a kind of mutual assured destruction"

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The British Government's number two, Michael Gove, has told Bloomberg that the dinner in which the British Prime Minister, Boris Johnson, and the President of the European Commission (EC), Ursula Von Der Leyen, will meet tonight, can help make a breakthrough on the Brexit deal. However, he has clarified that for that the European Union (EU) must move.

Johnson will travel to Brussels on Wednesday to talk over dinner with Von Der Leyen. This meeting seeks to promote negotiations that are stalled. If it goes well, parties could return to a negotiating room to finalize details within hours. If it goes wrong, officials on both sides fear the chances of the deal being ready before the end of December – when the Brexit transition period ends – fade away.

"With optimism and pessimism in equal measure, it is clear that the final result (of the negotiations) could go in either direction. However, the stars seem to be lined up for some kind of deal by the end of the month, despite reports suggesting that a no-deal is becoming much more likely than most would like to admit, "says Michael Hewson, chief analyst at CMC Markets in London.

Hewson cautions that even without the Covid-19 pandemic, a "no-deal" outcome would be a major disruption for the European Union at a time in addition to tensions due to the blocking of Poland and Hungary to the budgets. "The EU cannot afford another economic upheaval caused by a no-deal Brexit, in addition to the economic devastation that Covid is causing, despite all its bluster, "he adds. Even so, he acknowledges that, if an agreement is reached, "it is more than likely that nobody will be happy."

The head of CMC analysis remarks that what is required in the next few hours is "less stubbornness and more pragmatism on the part of everyone." "There will be no winners in a no-deal outcome, no matter what either party says. A no-deal would be a kind of mutual assured destruction".

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