EU, UK: Brexit will close most economic and trade options in the EU-27 for Theresa May’s Government

The U.K. has made little headway in Germany with efforts to push Britain’s case for a beneficial Brexit deal after Chancellor Angela Merkel’s government refused to enter into informal contacts, according to officials on both sides with knowledge of the contacts.

The brush-off in Berlin shows the struggle that remains for Prime Minister Theresa May to convince even some of her more sympathetic European counterparts to give Britain the best possible Brexit deal. That’s unlikely to change even if she arrives at the negotiating table with a strengthened mandate from U.K. voters, Holger Schmieding, chief economist at Berenberg Bank, said in a Bloomberg Television interview on Thursday.

The U.K. “is in a very weak bargaining position anyway,” Schmieding said. Victory for May’s Conservatives in the June 8 election “gives her a strong hand in selling to the domestic audience in the U.K. whatever she wants to sell, but it does not give her any advantage in selling in Poland or in Romania or in France or Germany,” he said.

“Brexit will mostly be shaped by what the EU-27 is ready to offer, and Theresa May will just have to accept that,” he concluded.




Source: Bloomberg.


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