A disorderly Brexit is now likely.

No deal was better than a bad deal, but unlikely, until the summer of 2018.

In August, no deal became an “uncomfortably high possibility,” to quote the Governor of the Bank of England Mark Carney. Then it became a 60-40% likelihood, to quote the UK’s Trade Secretary Liam Fox.  As we head towards the Conservative Party Conference in Birmingham (September 30-October 3rd), this has become a desirable scenario.

This week the opposition offered an alternati...

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