Jul 18, 2019

No-deal Brexit will cause UK recession, says fiscal watchdog

The UK will fall into recession next year if there is a no-deal Brexit, the country's fiscal watchdog has said. It said this would push up public sector borrowing by £30bn. Fears of a no-deal outcome have risen recently, after both Tory leadership contenders said they would be willing to leave the EU without a deal. The UK is set to leave the European Union on 31 October. In its first assessment of the economic impact of a no-deal scenario, the OBR said the UK economy would contract in 2020 before recovering in 2021. In this scenario, "Heightened uncertainty and declining confidence" would deter investment, while higher trade barriers with the EU would "Weigh on exports".

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