The Brexit transition period slated until December 2020 to negotiate with its former bloc, the European Union is less likely to happen, according to a poll conducted by Reuters in which more than half or two-thirds of economist-respondents said so.
In this highly likely scenario, the trade deal between the conflicting parties will turn into a goods-only agreement as soon the transition period expires at the end of this year.
Trade talks between the U.K. and the E.U. will commence next month. However, the two parties wouldn’t settle for a give-and-take process and with time ticking, economists think there’s no enough time left to reach an agreement.
In the most recent poll, it showed that the median chance for a no-deal scenario within the transition period was up t0 25% from a previous 20% last month.
Moreover, economists gave their take on whether the deal will include both goods and services. The poll showed that 21 out of 34 respondents believed that there will be a goods-only deal, while the 13 experts said both goods and services will materialize.