Road Blocks, Derivatives, and Grounded Flights?
In anticipation of bottlenecks, the government has a plan to turnpart of a major highway near the port of Dover into a holding zonefor trucks. The other half of the motorway would be open totraffic, but only half as much as usual.The Bank of England reckonsthere are 96 trillion pounds ($126 trillion) ofderivative contracts at risk in the event of a no-deal Brexit. TheU.K. side is taking steps to provide a temporary fix. TheTreasury announced some legislation on Tuesday that would allow EUentities to continue operating in the U.K. while they seek newpermissions. U.K. regulators want a coordinated governmentalresponse. Their EU counterparts instead are pushing companiesto make their own preparations.Most officials don't think flightswill be grounded. They reckon that even in the event of a no-dealscenario, the two sides will be able to come up with a temporaryfix so that flights can take off. But Ryanair has issued direwarnings that planes might not be able to fly. That would make fora happy Easter holiday season. Easter is April 21; Brexit dayis March 29.
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