EU's McGuinness says Commission preparing no deal Brexit plans

Mairead McGuinness, EU commissioner of financial services, financial stability and Capital Markets Union speaks during the European Parliament's plenary session in Brussels, Belgium November 23, 2020. Kenzo Tribouillard/Pool via REUTERS

DUBLIN (Reuters) - The European Commission is preparing specific and very narrowly focused contingency plans to prepare for the possibility of a no trade deal Brexit, EU Financial Services Commissioner Mairead McGuinness said on Wednesday.

“Today we are preparing contingency plans, very specific and very narrowly focused to make sure that in the event of a ‘no deal’ that those sectors that are vulnerable, transport, aviation etc, that specific plans are put in place to maintain connectivity,” McGuinness told an Irish parliamentary committee.

“I’m not very confident from the speech made by the British prime minister in the House of Commons today. I think there is a failure to understand, which perhaps is a failure of Brexit at the very outset, if you choose to leave, there are consequences, particularly where that country wants to stay part of the single market,” she added on the chances of a trade deal.

Reporting by Padraic Halpin; Editing by Alex Richardson