Matthew Lynn Matthew Lynn

Five reasons why the Brexit extension is bad news

Some fiddly amendments from Sir Oliver Letwin that no one quite understands. A legal action against someone or other from Gina Miller. Lots of protest marches. A petition or two – and possibly even an unreadable novella from Ian McEwan/JK Rowling/John Le Carre (delete as applicable) ranting against Brexit.

We don’t quite know yet how exactly we will fill up the latest three-month extension to the already protracted saga of our departure from the EU. It probably won’t be a great deal different from the last three months, or the three months before that. There is one thing we should know for sure by now, however. It will be very bad for the economy.

As the EU gives us until 31 January to finally work out how we want to leave, or whether we really want to get out at all, there will be plenty of people arguing that the extension will at least be good for business.

We won’t crash out with ‘no deal’ and there will be more time for companies to prepare for the exit.

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