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Brexit: Are markets underestimating the chances of the UK not leaving?

Given the current reality and unclear time horizon, at the moment, the soft Brexit or fudge option is not a solution as much as a way of avoiding the hard choices.

Demonstrators holding EU flags during an anti-Brexit protest outside the Houses of Parliament in London, recently.

ALTHOUGH markets generally still seem to assume that the United Kingdom and the European Union (EU) will agree to some form of "soft Brexit", neither the definition nor the time horizon is clear.

For most observers, soft Brexit carries with it the connotation that trading arrangements in...

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