AVN 68.23 Increased By ▲ 0.25 (0.37%)
BOP 9.86 Decreased By ▼ -0.02 (-0.2%)
CHCC 133.07 Decreased By ▼ -0.43 (-0.32%)
DCL 11.55 No Change ▼ 0.00 (0%)
DGKC 114.50 Increased By ▲ 0.15 (0.13%)
EFERT 60.10 No Change ▼ 0.00 (0%)
EPCL 43.80 Decreased By ▼ -0.20 (-0.45%)
FCCL 20.98 Increased By ▲ 0.08 (0.38%)
FFL 17.50 Decreased By ▼ -0.15 (-0.85%)
HASCOL 21.26 Increased By ▲ 0.10 (0.47%)
HBL 133.00 No Change ▼ 0.00 (0%)
HUBC 81.11 Decreased By ▼ -0.44 (-0.54%)
HUMNL 8.21 Increased By ▲ 0.20 (2.5%)
JSCL 30.32 Increased By ▲ 0.41 (1.37%)
KAPCO 26.91 Increased By ▲ 0.01 (0.04%)
KEL 4.13 No Change ▼ 0.00 (0%)
LOTCHEM 12.91 No Change ▼ 0.00 (0%)
MLCF 40.11 Decreased By ▼ -0.06 (-0.15%)
OGDC 108.48 Increased By ▲ 0.23 (0.21%)
PAEL 38.15 Increased By ▲ 0.05 (0.13%)
PIBTL 13.65 Increased By ▲ 0.03 (0.22%)
PIOC 98.80 Decreased By ▼ -0.20 (-0.2%)
POWER 9.23 Decreased By ▼ -0.01 (-0.11%)
PPL 95.10 Decreased By ▼ -0.17 (-0.18%)
PSO 202.07 Increased By ▲ 0.07 (0.03%)
SNGP 65.25 Decreased By ▼ -0.15 (-0.23%)
STPL 14.34 Increased By ▲ 0.03 (0.21%)
TRG 56.70 Increased By ▲ 0.15 (0.27%)
UNITY 17.60 Decreased By ▼ -0.01 (-0.06%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 4,355 Decreased By ▼ -5.18 (-0.12%)
BR30 22,224 Increased By ▲ 12.41 (0.06%)
KSE100 41,876 Increased By ▲ 47.35 (0.11%)
KSE30 17,674 Decreased By ▼ -22.51 (-0.13%)
COVID-19 TOTAL DAILY
CASES 308,217 799
DEATHS 6,437 5
World

Germany says UK to suffer if no Brexit deal, not EU

  • The EU has warned that the contentious legislation has "seriously damaged trust" between the two sides.
12 Sep 2020

BERLIN: German Finance Minister Olaf Scholz on Saturday said Britain would face the brunt of the fallout if post-Brexit trade talks collapsed without a deal.

Scholz spoke as EU-UK trade talks have descended into acrimony after London's decision to wilfully break its divorce treaty with new domestic legislation.

Britain left the EU on January 31 and is now negotiating with the EU to agree future trading relations when a transition period ends at the end of the year.

The new law in London has stoked fears that Britain will bluntly sever ties with Europe when the transition ends, throwing cross-channel ties into chaos.

"My assessment is that an unregulated situation (no deal) would have very significant consequences for the British economy," Scholz told reporters after a meeting of EU finance ministers in Berlin.

"Europe would be able to deal with it and these would not be particularly difficult consequences after the preparations we have already made," he added.

The EU has warned that the contentious legislation has "seriously damaged trust" between the two sides and told London that if it is not withdrawn by the end of September, Brussels will consider taking Britain to court.

Paolo Gentiloni, the EU's economics affairs commissioner, said that it was up to Britain to "re-establish trust" with the bloc.

"And in any case... we are prepared to deal with extraordinary negative outcome of this discussion," the former Italian prime minister added in Berlin.