Picture: Andrew Parsons/PA Wire.
THE UK faces recession in the event of a no-deal Brexit, the Organisation for Economic Cooperation and Development has warned.
Even if a no-deal scenario is avoided, the Paris-based think-tank forecasts annual UK growth will be less than one per cent both this year and in 2020. It has cut its forecast of UK growth this year from the 1.4 per cent it had projected in November to just 0.8% on this scenario. And it has reduced its prediction of UK expansion in 2020 from 1.1% to 0.9%.
Highlighting the dangers of a no-deal Brexit, the OECD warned: “The possibility that a withdrawal agreement will not be reached before the exit date remains a serious downside risk and source of uncertainty in the near term."
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