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EU economic headwinds backing Brexit

22 August 2019

Boris Johnson’s Brexit strategy appears to be working  but only due to EU economic headwinds, according to Nigel Green, CEO of deVere Group.

Boris Johnson’s Brexit strategy appears to be working but primarily because a recession is looming over Germany – meaning both sides need a good and fair deal, the boss of the independent financial advisory group said.

The UK Prime Minister is meeting with President Macron in Paris and German Chancellor Angela Merkel in Berlin, to try to win their support for a revised Brexit deal.

Green said: “The UK’s novice Prime Minister Boris Johnson appears to have brought the veteran German Chancellor Angela Merkel closer to his way of thinking on Brexit.

“Merkel challenged Johnson to come up with an alternative solution to the Irish backstop issue within a month, putting the ball back in Britain’s court as well as indicating that she – and therefore the wider EU – would be willing to consider further options, something they have previously ruled out.”

He continued: “Many commentators have said this proves Johnson’s Brexit strategy is working, that he has pulled off something of a diplomatic miracle.

“However, I would suggest that the reason that a ray of hope has appeared in what has until now been a united front from EU member states against Britain’s Brexit stance is because a recession is looming over Germany – the EU’s largest economy – meaning both sides need a good and fair deal more than ever.

“In addition, U.S. President Donald Trump is expected to unleash multi-billion-dollar tariffs on the European Union’s imports, adding to the bloc’s economic worries – so the last thing they need is Britain to crash out in a no-deal scenario.”

He went on to add: “It is becoming increasingly clear to all parties that it is in both the EU and Britain’s economic interests that common ground is found.

“With economic threats intensifying, hopefully, this will shift the political will towards a more conciliatory stance.”

Green concluded: “Germany is the key player within the EU, so there is a chink of light.  But let’s be clear: the reason why Boris Johnson’s Brexit plan may appear to be gradually gaining traction is not that he is a genius strategist, it is because of the economic headwinds gathering over the EU.”

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