KPMG forecasts no-deal Brexit recession in 2020
If Boris Johnson succeeds in ripping the UK out of the EU with no deal it'll prompt the first UK recession in a decade.
So says KPMG:
- knock-on effects to trade and business confidence of a no-deal Brexit would lead to the economy shrinking by 1.5% next year
- Consumer spending would also be severely dented
- "With the Brexit debate poised on a knife-edge, the UK economy is now at a crossroads. It is difficult to think of another time when the UK has been on the verge of two economic out-turns that are so different, but the impact of a no-deal Brexit should not be underestimated,"
- "Despite headwinds such as the slowing global economy and limited domestic capacity, the UK economy now has the potential to strengthen over the next 12 months. But a no-deal Brexit could put paid to this upside, triggering the UK's first recession for a decade."
This would create many trading opportunities of course but for the people in the UK its sad indeed.