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UK lawmakers rejected May’s Brexit agreement proposal by 391 to 242 votes in the House of Commons. The no-deal Brexit option – a scenario in which the UK would leave the EU without any agreement in place – was also rejected by the Commons. The UK is due to leave the EU on March 29. UK lawmakers were voting last night on whether to request a Brexit date extension. “Research has shown that Brexit is the UK and the European Union’s problem,” said Paiboon Nalinthrangkurn, chairman of the Federation of Thai Capital Market Organisations (Fetco).
He argued that in the worst-case scenario where the UK leaves the EU with no-deal, the Thai economy may only take a 0.1- to 0.2-per-cent hit to its Gross Domestic Product (GDP), while the UK would go into a recession in 2020, with a GDP growth contraction of 0.6 per cent, from an original forecast of 2-per-cent growth. The Commerce Ministry’s Department of Trade Negotiations (DTN) views the economic impacts of Brexit on the Thai economy as being unclear.
