No-deal Brexit would plunge Britain into a recession, says OBR

[muriel_volestrangler]

The Office for Budget Responsibility said increased uncertainty and falling confidence would deter investment and hit trade.

In its latest fiscal risks report, the OBR said: “Together, these push the economy into recession, with asset prices and the pound falling sharply.

“Real GDP falls by 2% by the end of 2020 and is 4% below our March forecast by that point.”
...
The OBR said leaving without a deal would add £30bn a year to borrowing from 2020-21 onwards and 12% of GDP to net debt by 2023-24.

https://www.theguardian.com/business/2019/jul/18/no-deal-brexit-would-plunge-britain-into-a-recession-says-obr

I expect their model doesn't include the effect of fewer EU citizens coming here to work, since that's an uncertain social reaction rather than economic. So it could be worse still.

[Celerity]

1. add in the brain drain as well, as thousands will leave to the continent, most with high skillsets

That includes both non-UK citizens, and UK professionals.

[beachbum bob]

2. the supporters could care less at this point but wil be whining like hell in a year

there will be heavy cost to England and the people but will they LEARN from it?

[no_hypocrisy]

3. Trump is deluded in thinking that American companies will replace all the former

EU contracts.