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World News

No-deal Brexit would hurt Britain more than EU - Germany's Scholz

German Finance Minister Olaf Scholz chairs the second session of the Informal Meeting of Ministers for Economics and Financial Affairs in Berlin, Germany, September 11, 2020. Kay Nietfeld/Pool via REUTERS

BERLIN (Reuters) - A “no-deal” Brexit would hurt the British economy a lot more than the European Union, German Finance Minister Olaf Scholz said on Saturday.

“My assessment is that an unregulated situation would have very significant consequences for the British economy,” Scholz told a news conference after a meeting of EU finance ministers in Berlin.

“Europe would be able to deal with it and there would be no particularly serious consequences after the preparations we have already made,” he added.

Prime Minister Boris Johnson said on Saturday that a planned bill, which would breach a divorce treaty with the bloc, was needed to protect Britain’s integrity.

Reporting by Paul Carrel; Editing by Michael Nienaber

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