The UK’s predicted economic disaster

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The Bank of England warned of possible serious problems for the economy in the event of failure of a British exit from the European Union. Possible scenarios stated in the message controller.

The Bank of England considered four scenario: two hard and two soft. Hard can be implemented if Brexit in March 2019 will take place without a deal with Brussels and the accompanying transitional period. In particular, they envisage GDP to eight per cent by 2023, a sharp decline in prices for residential and commercial properties.

Also, the controller predicts the fall of the pound sterling by 25 per cent below the level of the dollar, inflation to 6.5 percent and the unemployment rate to 7.5 percent. The Bank of England stipulates that the largest credit organizations in the country is able to cope with the crisis.

More optimistic scenarios, on the contrary, the development of the economy: the growth of the pound by five percent in the first quarter of 2019, increase GDP by 1.75 per cent compared to the original forecasts to 2023.

In late November, authorities in the UK and the EU approved the transaction on Brexit. It now needs to approve the European Parliament and the UK Parliament.

Video, photo All from Russia.

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