The British government’s own financial watchdog has assessed that a no-deal Brexit would send Britain into a recession, shrinking the economy by 2% by the end of next year, and taking unemployment above 5%. House prices could fall by around 10%.
The Office for Budget Responsibility (OBR) is a non-departmental public body that the UK government established to provide independent economic forecasts and independent analysis of public finances.
The OBR also said a year-long downturn could increase government borrowing by more than €33 billion ($37 billion).
Lawmakers have passed a motion effectively preventing the government from sending them home in the weeks before October 31
International Chamber of Commerce
The International Chamber of Commerce (ICC) reacted to the findings. ICC Secretary General Chris Southworth told LBC radio in London on Thursday: “Why would you leave the premiership of trade, which is the Single Market, to trade on a less preferential set of terms in what would be the first division? It doesn’t make any sense?”
“Our international audience are flabbergasted by what we’re doing, particularly as it’s a voluntary decision,” Southworth said. “The UK would be the only country to trade exclusively on World Trade Organization (WTO) rules.”
He added that the UK would have to negotiate trade deals with 120 countries: “No one has ever done that, certainly not at the scale and pace we are…