Brexit’s Cliff-Edge Is Like ‘No Deal’ All Over Again

The threat of a chaotic split between the U.K. and Europe isn’t going away. Britain is on track for an amicable exit from the European Union on Jan. 31, removing the specter of a much-feared “no deal” Brexit. But the second, tougher stage of the divorce hinges on forging a free-trade agreement, deciding how to cooperate on security and resolving other thorny issues. That means more nail-biting and market volatility ahead over a disruptive “cliff edge” if an accord isn’t reached by Dec. 31, 2020.