May says no-deal Brexit ‘wouldn’t be end of the world’

Bloomberg

The UK can still make a success of Brexit if it tumbles out of the European Union without a deal, Prime Minister Theresa May said, striking an upbeat tone as the clock ticks down on Britain’s departure from the bloc.
Speaking to reporters on the plane as she headed to South Africa on a five-day visit to three African nations, May twice cited World Trade Organization Chief Roberto Azevedo, who told BBC radio last week that trade wasn’t going to stop if Britain and the EU failed to strike a deal. The UK published 24 documents outlining preparations for such a scenario.
The pound weakened against the dollar after May’s comments, falling as much as 0.2 percent. “He said about a no-deal situation that it would not be a walk in the park, but it wouldn’t be the end of the world,” May said, referring to Azevedo. “I’ve said right from the beginning that no deal is better than a bad deal.”
As Britain’s scheduled departure from the EU on March 29 draws closer, the government is trying to show that it’s prepared for all eventualities. Last week’s papers, the first of about 80 that ministers intend to publish, advised pharmaceutical companies to stockpile medicines, exporters to prepare for more red tape and consumers to brace for higher prices on EU goods.
The government is “putting in place the preparations such that if we’re in that situation, we can make a success of it,” May said, reiterating that she still thinks Britain will be able to get a “good deal.”

Gloomy Outlook
The premier’s remarks contrast with the gloomy outlook from Chancellor of the Exchequer Philip Hammond, who in a letter to Nicky Morgan, the chairman of Parliament’s Treasury Select Committee, said that failure to secure a deal
would cut 7.7 percent off projected economic output and add 80 billion pounds ($103 billion) to government borrowing
by 2033.