September 16, 2019 / 9:57 AM / 2 months ago

Brexit: Deutsche Bank cuts probability of no-deal to 35% vs 50%

FILE PHOTO: The logo of Deutsche Bank is pictured in London, Britain July 8, 2019. REUTERS/Simon Dawson/File Photo

LONDON (Reuters) - Deutsche Bank said on Monday it cut its probability that Britain will crash out of the European Union on Oct. 31 without a deal to 35% from 50% previously after lawmakers passed a law that could force Prime Minister Boris Johnson to delay the process.

“Elections remain our base case, however. For now, all eyes will be on both the upcoming Party conferences and any possible breakthrough in the run-up to next month’s EU summit,” it said in a note.

Johnson has pledged to leave the EU with or without a deal on Oct. 31, even though British lawmakers have passed a law which would force him to request a delay beyond that date if he is unable to reach a deal with the EU.

Reporting by Josephine Mason; Editing by Ritvik Carvalho

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