Johnson's win elevates 'no-deal' Brexit risks to U.K. economy

Johnson's comprehensive victory over Jeremy Hunt in the battle to lead the governing Conservative Party has made it more likely that Britain could leave the European Union on Halloween without a withdrawal agreement, a prospect that even the most ardent Brexit believers concede would be disruptive in the short-term.A deep recession is widely predicted for that scenario.

Richard Branson, the Virgin Group founder whose career has taken him from owning a record label to planning flights to space, thinks it will be a disaster -- so much so, he says, that the pound will slump in value to be worth just a dollar for the first time ever. The pound has borne the brunt of Brexit uncertainty, falling more than 10% from $1.50 on the day after the June 2016 referendum. It's near two-year lows at $1.2450 as "no-deal" talk escalates.

Measures such as stockpiling medicines, sourcing more products from outside the EU, or modifying road links in southeast England to manage freight traffic can help, but only up to a point. That raises the stakes for companies like the operator of the Channel Tunnel, which says that a "no-deal" Brexit is now "very likely." British business associations issued statements after Johnson's election urging him to secure a deal.

Given these uncertainties, business executives are unsure how to plan and have reined in investment over the past two years. That's one of the main reasons why Britain's economy has stuttered and talk of a recession has grown.

Source: Financial Digest (financialdigest.net)

Good this Brexit crap has dragged on long enough. Get it over with. It should have been done years ago now. At this point they're just stalling on purpose

Finally someone who will at least try to make the UK great again!!

At last the UK can now reclaim its sovereignty and save England, good to see, hopefully people learn that they can seize power back from the elites like Trudeau...

You're so full of it!!! What does CTV stand for? Communist TV, propaganda and lies is all you do. How's our hostages in China working out for you and Trudeau?

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