UK Gets Loud Financial Warning Against Brexit

European Union functionaries warn UK companies and non-government organization that leaving the E.U. will result in a halt of contracts and funding from Brussels.

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The Guardian obtained leaked E.U. documents addressed to U.K.  development, aviation and waste management companies, among other sectors, that warn that the multi-national government will limit their ability to “operate across Europe and block funding streams from Brussels” if their government decides to leave the E.U.

The documents state clearly that unless an October 2018 deal is made, giving the E.U. and U.K. parliaments time to approve the U.K.’s remaining in the E.U., the U.K. will likely officially be forced into a Brexit in March 2019.

Member states and E.U. officials will meet Thursday to discuss their “preparedness” for a cliff edge Brexit. This will mean that UK-registered entities that have won E.U. contracts, grants or prizes “will cease to receive funding”.

The UK development sector is the E.U.’s second most funded sector receiving grants and commercial contracts.

Between 2012 and 2016, U.K. development and humanitarian organizations won nearly US$1.5 billion in contracts and aid resources from Brussels.

Meanwhile, British government officials are trying to directly negotiate economic and trade deals without the E.U. in between.