Britain's independent fiscal watchdog, the Office of Budget Responsibility, has said a no-deal Brexit at the end of this year will cut economic growth and increase unemployment.
It said a no-deal Brexit would delay the point at which the UK's economic output returns to pre-Covid level by almost a whole year, to the third quarter of 2023. It said customs duties imposed by the UK under a WTO trade arrangement with the EU would bring in an extra £6bn in custom revenue. All of this would be in addition to the impact of Covid-19, which has delivered the largest peacetime shock to the global economy on record.
That includes the UK, where GDP is set to fall by 11% this year the largest drop in annual output since the Great Frost of 1709 - a period of exceptionally cold weather in Europe that caused crop failures and widespread famine. Such borrowing would take the debt:GDP ratio to 105% of GDP, which would be the highest level since 1959-60, although the exceptionally low interest rate environment makes that easier to bear.
Have we not known this for the past four years? Pity Boris Johnson doesn't see RTE!
If it happens will it be noticable amongst the constructed world wide carnage ?
Happy American Thanksgiving! From: Detroit Michigan, Go Lions! 🦁
If only they had known all this beforehand... oh, wait....
Hardly took Einstein to work that out.
No way
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