(18 Jul 2019) The UK's Chancellor of the Exchequer, Phillip Hammond on Thursday warned that a new OBR (Office for Budget Responsibility) report showed that there would be a very significant hit to the UK economy in the event of a no-deal Brexit.
The OBR has said that if the UK crashes out of the EU with no deal, the country's economy would suffer a recession and it's national debt would increase, as well as a significant fall of the pound, and a 2 percent fall in DGP by the end of 2020.
Speaking at Chantilly, France, Hammond said that the version that was being discussed by the Brexiteers was a "hard version" which "would cause much more disruption to our economy."
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