Brexit: Norway-Style Deal with EU Would Help UK Avoid Damaging Recession, Says Morgan Stanley

by Szu Ping Chan

Britain must pursue a Norway-style agreement with the EU if it is to avoid a damaging recession, according to Morgan Stanley.

The bank said negotiating membership of the European Economic Area (EEA) and retaining access to the single market would help the UK to secure a “civilised divorce” from the EU.

Jacob Nell, Morgan Stanley’s chief economist, said such a deal would be “less disruptive” for the economy.

Rejoining the European Free Trade Association (EFTA), of which the UK was a founder member, would create a pathway into the EEA that would help it to navigate the “radically new world in which we live”, he said.

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