Bank of England: Output of Businesses Would Significantly Fall in Case of No-deal Brexit

Forex News

UK Prime Minister Theresa May's Brexit plan has been agreed with the EU but faces deep opposition in parliament. Today, the British MPs begin five days of debate on Prime Minister Theresa May's Brexit deal, ahead of a vote that will determine the future of Britain and her leadership. The vote will be held on December 11.

The Bank of England’s survey showed, that the output of businesses would drop between 2.5% and 6.9% over the next 12 months in case of no-deal Brexit. By contrast, output could grow between 0.8% and 2.7% if a deal and transition period were agreed.

Last week, the UK central bank said that Britain risks suffering an even bigger hit to its economy than during the global financial crisis 10 years ago if it leaves the European Union in a worst-case Brexit scenario in four months' time.