No-deal Brexit would push UK economy into recession

In more unsettling Brexit news, it has been reported that in a No-deal Brexit scenario the UK economy would tank.

According to the OECD (Organisation for Economic Cooperation and Development) the UK economy would slide into recession and growth would plunge under 1 per cent.

Even if there is a smoother Brexit the OECD believes that UK economic growth would fall to 0.8 per cent, following on from 1.4 per cent growth in 2018.

The last time UK growth was below 1% was during the financial crisis.

The OECD chief economist, Laurence Boone, said: “There is no better trade agreement for the UK than the EU single market. Every step back from this arrangement makes it more difficult for the private sector.”

Boone also warned that a global economic crisis could be upon us, regardless of the outcome of Brexit. 

Boone said: “The global economy is facing increasingly serious headwinds. A sharper slowdown in any of the major regions could derail activity worldwide, especially if it spills over to the financial markets.”


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