No-deal Brexit could trigger 'year-long' UK recession
The Office for Budget Responsibility also says tax and spending proposals made by Johnson and Hunt would be likely to increase government borrowing by tens of billions of pounds
In a ‘stress test’ carried out to look at how the UK’s public finances might react to a no-deal Brexit, the Office for Budget Responsibility (OBR) sees heightened uncertainty and declining confidence hitting investment, with higher trade barriers with the EU affecting exports.
The OBR says tariffs and a drop in the value of sterling would raise inflation and squeeze household incomes, though it expects the Bank of England to cut...
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