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UK ramps up Brexit warnings with new economic forecasts

Written by Business World, on 28th Nov 2018. Posted in World

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Britain's government intensified its warnings about a no-deal Brexit, saying it would deliver a big blow to the economy while Prime Minister Theresa May's plan, opposed by many lawmakers, would minimize the hit.

The government said that in a scenario based on the agreement May struck with other European Union leaders on Sunday, the economy would be 2.1% smaller in 15 years' time than if the country remained in the bloc.

The forecast assumed no changes to migration rules but some non-tariff barriers.

The economy would be 7.7% smaller if there is no deal, the government said in a report published on Wednesday. (Reuters)

Source: www.businessworld.ie

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