On Bloomberg, Aviva Investor, Peter Fitzgerald said the chance of No-deal Brexit is at an all-time high. Mr Fitzgerald went onto say that the coronavirus is the perfect distraction to get a no-deal through.
Mr Fitzgerald said: “The ability of Europe to come up with various rescue packages without the involvement of the UK is something a lot of people under-appreciated.
“The ability of the EU to come together in times of crisis.
“Ultimately, it is a political agenda rather than purely an economic one which determines its success and how it moves forward.
“In terms of Brexit, I think people should be very concerned.
“The reason I say that is in the midst of what most people recognise as one of the worse recessions in modern history, where you are seeing GDP fall in double-digit figures.
“If you are a hardcore Brexiteer, you have got a perfect distraction to get your hard-Brexit through.
“I think the risk of a no-deal Brexit is probably higher now than it has been at any point in the process.”
Last month, during the Lords’ European Union committee Q&A with Micheal Gove, Lord Lamont asked: “Can you be more precise about what the costs of an extension to the transition period would be?”
Micheal Gove said: “Yes, for every year continued membership the additional cost would be between £20billion gross and £10billion net.
“One additional complicating factor is that the current multi-annual framework of the EU ends at the end of this calendar year.
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“There would be a new MFF.
“It would be decided by the EU 27, and we would not have a voice in that process.
“We would find that even the limited say we had in the setting of the MFF when we were a member of the EU would have gone.
“So, we can’t know preciously what bill we may be saddled with were we to agree to another year of continued transition.”
The last round of negotiations ended in a stalemate as both sides held ground on their redlines. At the end of June, UK PM Boris Johnson will meet with the EU Commission President Ursula Von de Leyen to discuss the next step in these negotiations. The UK is set to leave the EU in its entirety, on the date set in law, 31st December 2020.