05:33 GMT05 August 2020
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    The inability of the UK government to negotiate an exit deal from the EU has already impacted the country's economy, with businesses and investors preparing for economic instability and potential risks associated with Britain's withdrawal from the bloc, particularly in a no-deal scenario.

    Prime Minister Theresa May said on Wednesday that the British government and the opposition Labour Party have common goals regarding future customs arrangements with the bloc and share concerns over the protection of jobs.

    "I think actually we are trying to achieve, in this area, something very similar, which is ensuring that we protect jobs," May noted addressing committee of senior parliamentary lawmakers.

    READ MORE: British Conservatives Plotting to Force Theresa May Out Over Brexit Delay

    Commenting on the prospect of reaching a deal, the British prime minister said that it could be possible by the second phase of talks, by the end of 2020.

    Theresa May's comment comes after she launched talks with the opposition Labour party, as her withdrawal deal was rejected by the UK parliament for the third time in March. Labour lawmakers have voted largely against the government's deal in the past, as the opposition has proposed a closer post-Brexit alignment with the bloc which includes a customs union. 

    Thus, the country risks crashing out of the bloc without a deal, which could affect both the UK and EU economies, potentially leading to widespread disruption.

    The UK voted to leave the EU in a June 2016 referendum, with the withdrawal deadline set for 29 March 2019. However, Prime Minister May has asked the bloc for a deadline extension until 31 October. 


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