Brexit Secretary David Davis said on Wednesday the government has not carried out any economic assessment on how the U.K.’s exit from the EU will impact different parts of the British economy, according to local media reports. Speaking at a Brexit committee hearing, Davis confirmed the Conservative-led government has not assessed the consequences on a sector-by-sector basis, arguing the usefulness would be “near zero.” The Brexit Secretary explained the government will quantify the Brexit impact later in the negotiation process, as there would be no point in drawing up impact assessments too early. However, the results will not be released, because that could undermine the U.K.’s negotiating position with Brussels, he said. Davis’s comments come as London is rushing to hammer out a deal on three key issues — the divorce bill, EU citizens’ rights and the Irish border — ahead of an EU summit next week. EU leaders need to agree that the U.K. has made “sufficient progress” on those issues before exit talks can move on to the second phase that includes trade and a potential transition period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News