Comments by UK finance minister Philip Hammond

  • But must continue to prepare for all scenarios
  • No deal outcome is not impossible though unlikely
  • No deal outcome would put at risk substantial progress over the past 10 years
  • Economy stands fundamentally strong
  • Cannot take this economic progress for granted
  • IMF is clear that no deal Brexit would be extremely costly for the UK and EU

Hammond is commenting as the IMF delivers its latest assessment on Brexit. Here are comments by the IMF for context:

  • All Brexit outcomes will entail costs for UK economy
  • New trade deals after Brexit unlikely to offset costs to the UK
  • BOE should wait for clear confirmation of durable cost pressures before hiking rates
  • Business investment to remain constrained as Brexit uncertainty persists

All comments here aren't really anything new but there's a continued highlighting of risks that may materialise should a no deal outcome take place.