Investment advisor and Portfolio Strategist Rainer Michael Preiss argued that although a no deal Brexit could be the worst-case scenario, it may also allow the UK to thrive after “short term pain”. While on CNBC Mr Preiss explained that the UK would be able to competitively trade if the pound continues to fall and open up trade to countries across the globe. The CNBC host began by saying: “Why would you say that a no deal Brexit would be the worst-case scenario.
“For some of the Brexit supporters they are talking about how the UK can build free trade agreement with other countries.
“There is talk about UK India getting into a new agreement, eastern European countries like Turkey getting an agreement.
“More importantly UK and US, in fact, a large part of how Prime Minister Boris Johnson is feeling about this whole issue is the support he is getting from President Trump.”
Mr Preiss replied: "If you think about the two economies in Europe Italy and Britain were always in the old days very well known for competitive devaluations.
Rainer Michael Preiss explained that a no deal Brexit could be short term pain for long term gain
“Previously in the Euro it was very difficult but now Britain has this opportunity to let the British Pound fall meaningfully to make Britain competitive in that new environment.
“I think the most elegant way out of a complicated problem is let sterling fall low enough to make Britain really competitive in the global market.
“That may be what Boris Johnson has in mind.”
He added: “I think for the United Kingdom it is short term pain for long term gain.
“I think even hard Brexit might be short to medium- term pain but longterm I think if the currency is weak enough Britain has a real opportunity to restructure and rebuild its role in the world.
“I think this is what Boris Johnson is on a collision course with.
“I think that is why the European Union is stuck in this environment because they can’t be seen as weak.
“Otherwise Italy could potentially be next so I think it is very important for the EU to be consistent.
“But in that scenario a high probability of a hard Brexit.”
Boris Johnson is set to defy Remainer MP’s latest attempt to tie the Government’s hand in the Brexit negotiations by demanding private communications between Cabinet advisers and ministers on no deal Brexit preparations be published.
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Treasury Minister Simon Clarke told BBC Radio 4's Today Programme Boris Johnson will find ways to ensure "common sense is preserved" in the releasing of crucial confidential information the Government holds on no-deal Brexit preparations.
Mr Clarke said: “We will respond to the implications of this vote in due course but the scope of the information requested in the humble address is disproportionate and it is unprecedented.
“We do have to preserve a degree of common sense when it comes to the advice that ministers receive and how that’s disseminated.
“Dominic Grieve is a great believer in human rights and he has yesterday sponsored an attempt to ensure that the private content of messages of the advisers is disclosed to Parliament.
“Where does this end if this is a precedent that we establish.”