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British Banks Are Cutting Home Mortgage Approvals Thanks To Brexit

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Brexit continues to produce nightmares for British citizens living in the U.K. and abroad. The quest to leave the European Union with an agreement Parliament can live with is nowhere in sight. Prime Minister May continues to work with EU leaders to exit the EU with dignity. May wants to make sure she secures a financial and economic deal that functions effectively for all Brits, according to her supporters. But members of her party, as well as members of Parliament, think Theresa May needs to give up, resign, and move on.

British citizens are sick of the constant internal bickering about Brexit. More than 4.5 million Brits signed a petition to vote again. Thousands of people protested on the streets of London for another Brexit vote over the weekend. But May and some members of Parliament don’t want another Brexit vote. May believes her agreement with EU leaders will protect the U.K.’s trade and financial industries once Parliament agrees to the deal.

EU leaders say they won’t give Parliament another chance to rework the agreement. EU leader Jean-Claude Juncker said the U.K. can stop Brexit or leave the EU without an agreement if they don’t want May’s current agreement.

Leaving the EU without an agreement is economic suicide, according to several British news reports. U.S. companies and companies from other parts of the world are in the process of moving out of London in order to protect themselves from a No-Brexit exit from the EU.

According to Reuters, British banks are already in damage-control mode. The banks aren’t as free with mortgage money now that a No-Brexit deal is more real than fiction. Banks approved more than 35,000 mortgages in February. That is the lowest number of mortgages issued by British banks since 2013. The value of those mortgages was more than $930 billion. That is far less than in previous years. The British housing market could be in trouble if there’s a No-Brexit deal.

Consumer credit in the U.K is also down. Those financial signs prove the U.K. faces serious economic blowback if the U.K. leaves the EU. Theresa May won’t give up her fight to leave the EU the right way, but members of Parliament want May to resign so they can force the EU to come up with a better deal, according to British news reports.

No one knows what Prime Minister May will do next. But everyone knows Brexit created a huge riff in British democracy. And the British can thank Russian President Putin for that unwelcomed gift, according to the Washington Post.

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