After Theresa May announced that she would resign as the UK's Conservative leader on June 7 in the best interests of the country, Thomas Pugh, UK economist at Capital Economics, said that chances of delay or no deal on Brexit are higher.
In an interview to CNBC-TV18's Manisha Gupta, Pugh said, "It has been stretching for a long time and it doesn’t seem to be like it can be resolved anytime soon. The next thing that we are looking out is who is going to be the new prime minister, who is going to be the next leader of the Conservative Party.
"If it is a hard Brexit, then it might increase the chances of a no deal a little bit. The next thing is who will be the next president of the European Commission and there have been lot negotiations going on. So whoever takes the job could have an impact on what happens next," he said.