Uncertainties over Brexit are harming UK's economy

On Wednesday, British Prime Minister Theresa May sought a three-month delay for Britain's divorce from the European Union, which originally was scheduled for March 29. The European Union has given her until April 12 to find a way forward.

The Brexit process has been encountering difficulties due to the differences between the ruling Conservative Party and the opposition Labour Party in the United Kingdom, as well as the differences within the ruling party and the opposition and those between May's team and the EU officials, which could lead to a no-deal Brexit.

Although, there is little possibility that the EU will grant further concessions to the UK, many expect the two sides to reach a modified deal. For instance, European Commission President Jean-Claude Juncker said the EU will not change the Brexit deal, but can negotiate on the "backstop", according to which an open border between the Republic of Ireland, a EU member, and Northern Ireland, which is part of the UK, has to be maintained in the event of the UK leaving the EU without an all-encompassing deal.