The British government on Wednesday published a report that spelled out a devastating scenario for the economy if Britain leaves the European Union in March 2019 without a deal. The report found that the economy would only be around 2 percent smaller in 15 years time if it exited the bloc under terms similar to the British-EU draft deal agreed to last week. In a no-deal Brexit, the economy would be nearly 8 percent smaller and could shrink by up to 9.3 percent in the event of significant trade barriers. “If the only consideration, the only consideration, was the economy, then the analysis shows clearly remaining in the European Union would be a better outcome for the economy, but not by much,” British Treasury chief Philip Hammond told BBC earlier on Wednesday. In every Brexit scenario, Britain’s economy will be worse off than if it stayed in the EU Bank of England warns of massive unemployment spike A separate report by the Bank of England that was released later on Wednesday found that unemployment could nearly double and the British economy could shrink by as much as 8 percent within a matter of months in the event of a no-deal Brexit. The Bank… Read full this story
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