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EU could prolong Brexit political pain for economic gain

In recent months, some European officials had begun to wish for a swift U.K. exit from the European Union, even if it meant a hard, no-deal Brexit. Better the recession we know, a Brussels-based diplomat said recently, than yet more uncertainty.

Investors can still hope, however, that a hard Brexit might be avoided, as Parliament this week ruled out the dreaded “no deal” scenario, and the pound GBPUSD, +0.3927% surged on the news.

The House of Commons has also now voted for the principle of extending talks with the EU beyond the date, March 29, on which Brexit was scheduled to happen.

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