Home » Currency Note » Currency Note » Currency Note GBP » GBP: no-deal Brexit will cause a deep and damaging recession

Towards the end of yesterday afternoon, the Bank of England published its latest stress tests and Brexit analysis. It is fair to say that the warnings were not great and we could be in for some tumultuous times if the UK crashes out of the EU without securing a deal. The central bank’s analysis showed that there will be a deep and damaging recession if a deal cannot be agreed.

Worryingly, reports have shown that at least 94 Tory MPs are planning to vote against Theresa May’s Brexit proposals when the meaningful vote takes place on 11 December. The prime minister will certainly struggle to get the bill through in its current form and it looks almost certain that some amendments will have to be made to the bill in order for it to get through Parliament.

Today we will see mortgage lending and approvals in October, as well as the Bank of England’s consumer credit figures for last month. We will no doubt continue to see Brexit-related news in the run-up to 11 December 2018, when Theresa May’s Brexit Bill will be presented to Parliament for a meaningful vote.

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