Doubts grow over UK government’s preparation for Brexit
LONDON — The U.K. government acknowledged Wednesday that it has made no detailed assessment of the economic impact of leaving the European Union, as its lack of preparation for a momentous break became clear.
David Davis, the official shepherding Britain’s departure from the 28-nation bloc, said the nation should be prepared for a profound shift in the way the economy operates on a scale similar to that of the 2008 financial crisis.
He told a parliamentary committee that since Britain must prepare for a “paradigm change,” in the economy, any assessment in the automotive, aerospace financial services or other sectors would fail to be “informative.”
The House of Commons’ Brexit committee’s chair, Hilary Benn, described the decision as “rather strange” given the historic decisions at hand and since authorities wish to start renegotiating Britain’s trade relations with the rest of Europe within weeks.