Update on Brexit from EY

EY now puts the probability of the UK leaving the EU without a deal at 40%. Both Conservative Party leadership hopefuls have outlined they are willing to take the UK out of the EU without a deal. Combined with the challenges associated with a no deal, economic indicators are beginning to show potential cracks forming in global economies.

The Financial Times have outlined that the UK is teetering on the brink of recession, Northern Ireland is experiencing a downturn in manufacturing indicators, growth forecasts for the Euro Area have been revised downwards and the Republic of Ireland has been warned by the Chief Executive of the NTMA that its debt burden is still too high. A no-deal Brexit could cause severe economic implications for countries and sectors closely aligned to the UK, one such example is the Republic of Ireland agri-food sector.

The volatile combination of the current geopolitical landscape and a tumultuous Brexit process will make for a difficult run in to the official Brexit date of 31 October.

Read our latest Brexit Update here.