A no deal Brexit would have "bleak" consequences on the European Union and the UK alike because of the prominent role Britain holds in European trade. Malta's Financial Minister Edward Scicluna appeared to plead with Brussels to ensure a divorce deal is stuck to keep member states from suffering economically. Speaking to Bloomberg, Mr Scicluna said: "A no deal Brexit would be like an atomic bomb for everybody.
"Whether it’s the UK or Europe itself, it’s something that everybody dreads and nobody wants to go there. As far as Malta is concerned, we have sort of two effects.
"This negative effect, which we wouldn’t welcome, but even a normal exit would have negative effects in the medium to long term in Europe as well."
With less than 50 days before Britain leaves the bloc on March 29, Theresa May has been accused of running negotiations "down to the wire" as Brussels refuses to budge from the controversial Irish backstop.
Despite warning about the consequences of any type of Brexit, Mr Scicluna claimed Malta could potentially benefit from British withdrawal to attract new investment to the island.
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Brexit news: Mr Scicluna warned a hard exit would be an "atomic bomb" for the UK and the EU (Image: BLOOMBERG•GETTY)
He continued: "Brinkmanship can never be forecasted, it is very uncertain and one can slip, then it’s history.
"For Malta, of course, there’s an upside to it and it’s the fact that Malta is one of the two countries
