No-deal Brexit would push UK economy into recession

In more unsettling Brexit news, it has been reported that inside a No-deal Brexit scenario the UK economy would tank.

According to the OECD (Organisation for Economic Cooperation and Development) the UK economy would slide into recession and growth would plunge under 1 percent.

Even if there is a smoother Brexit the OECD believes that UK economic growth would fall to 0.8 percent, following on from 1.4 percent development in 2021.

The last time UK growth was below 1% was during the economic crisis.

The OECD chief economist, Laurence Boone, said: “There isn't any better trade agreement for the UK than the EU single market. Everything back out of this arrangement makes it harder for that private sector.”

Boone also warned that the global economic crisis might be here, whatever the results of Brexit.

Boone said: “The global economy is facing increasingly serious headwinds. A sharper slowdown in any of the locations could derail activity worldwide, particularly if it spills to the markets.”