Germany's Finance Minister says UK will face consequences of Brexit

German Finance minister Olaf Scholz recently said that he was confident of fact that his country won’t suffer from Brexit but Britain will inevitably face consequences of it. After a long delay, Britain is all set to leave European Union on January 31.

'Won't be as important as it is w'

Speaking at World Ecomic Forum in Davos, he said that following Brexit, financial sector of Britain won’t be as important to EU as it is w. He also said that a n-member cant have equal rights and vants as a member ding that this would be an important factor in upcoming meeting between European Union and Britain. 

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He also said that it is something which would have to be balanced. Elaborating on issue of Britain’s exit, he furr said that that EU will have solutions but he was sure that re cant be a “special competitive” vant from being outside. Meanwhile, Christine Lagarde, new president of European Central Bank cautioned about a probable ‘Cliff Edge’ Brexit moment at end of year. 

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Meanwhile, presidents of European Commission and European Council signed Britain withdrawal agreement popularly called Brexit deal, from EU on January 24. Ursula von der Leyen and Charles Michel signed off Brexit deal which will w proceed for ratification by European Parliament on January 29. 

After ratification, member states of bloc will approve deal to authorise Britain’s departure from European Union. In a separate tweet, Michel said that though scenario will change, friendship between United Kingdom and EU will remain intact. “I’m keen to write this new p toger,” tweeted Council chief in French.

On January 23, Queen Elizabeth gave royal assent to bill brought by British Prime Minister Boris Johnson as UK moved ar inch closer to its exit from current 28-member bloc. 

(with inputs from ncies)