Oct 11, 2018
Brexit: No deal brings risk of stockpiling says watchdog
An "Abrupt and disorderly" Brexit could have a severe short-term impact on the UK economy and public finances, the country's fiscal watchdog has warned. The OBR said the lack of precedents for Brexit made the effect hard to predict. The OBR said weaker economic activity and higher prices could result from a no-deal Brexit. The OBR said if there was no agreement on standards everything would have to be resubmitted for approval: "In a scenario where the UK and EU are unable to agree to the continued mutual recognition of existing product standards and professional qualifications, all existing goods may need to be re-approved before sale and services trade would be severely restricted by the loss of market access." It said any stockpiling this prompted would only worsen the situation: "Should these bottlenecks turn out to be significant, it might prompt households and businesses to attempt to stockpile goods in advance, further aggravating the shortages."
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