A former governor of the Bank of England has warned that Britain will remain as closely as possible to the European Union after it officially leaves the bloc in March, predicting that the government of Prime Minister Theresa May would fail to reach an exit deal with the EU.
Mervyn King said in an interview with the BBC on Wednesday that Britain was probably heading towards a ‘Brexit in name only’, a scenario he described as the worst of all worlds.
“We haven’t had a credible bargaining position,” said King, BoE governor from 2003 to 2013.
“The EU has been united, has been clear, has been patient and it’s the UK that’s been divided without any clear strategy at all for how to get to where we want to go,” he added.
King said BRINO, or the Brexit in name only scenario, was inevitable given the current state of talks between the UK and the EU seems most unwilling to compromise on its positions.
“Both camps feel that…