A no-deal Brexit would like an atomic bomb for everybody, whether it’s the United Kingdom or Europe itself, Minister for Finance Edward Scicluna said.

Speaking to Bloomberg, Scicluna said that the no-deal scenario was something everybody was dreading and that nobody wanted to go there.

“As far as Malta is concerned, we have two effects – this negative effect which we wouldn’t welcome.”

Scicluna warned that even a normal exit would have negative effects in the medium to long term in Europe, which is a far cry from the norm considering that most politicians discuss Brexit in the context of a one-sided deal which is to the detriment of Britain.

He also noted that the island could potentially benefit by way of new investment after the withdrawal of Britain from the EU.

“For Malta, of course, there’s an upside to it and it’s the fact that Malta is one of the two countries where English is spoken, know the UK people very well and we’ve got a history of marriages and trust between the countries.”

"There would be the positive effect of people looking at Malta, in fact, they are doing that now. But when you look at the whole picture it’s a very small comfort. The whole picture is bleak."

There remain less than 50 days until the planned exit of Britain from the European Union, and with 29 March inching closer, negotiations are still ongoing.