The European Commission is preparing specific and very narrowly focused contingency plans to prepare for the possibility of a no trade deal Brexit, EU Financial Services Commissioner Mairead McGuinness said on Wednesday.
“Today we are preparing contingency plans, very specific and very narrowly focused to make sure that in the event of a ‘no deal’ that those sectors that are vulnerable, transport, aviation etc, that specific plans are put in place to maintain connectivity,” McGuinness told an Irish parliamentary committee.
“I’m not very confident from the speech made by the British prime minister in the House of Commons today. I think there is a failure to understand, which perhaps is a failure of Brexit at the very outset, if you choose to leave, there are consequences, particularly where that country wants to stay part of the single market,” she added on the chances of a trade deal.
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