Jonathon Keymer, Senior Intelligence Manager for Europe/CIS Region at WorldAware, discusses the impacts a no-deal Brexit could have on the economy. He provides a timeline on events that may transpire leading up to a no-deal Brexit and what will likely happen following the Oct. 31 outcome.
WorldAware had previously forecasted three possible outcomes of Brexit:
- A general election
- A second referendum
- A no-deal Brexit
It is likely that the UK will be leaving the EU without a deal on Oct. 31. Crucially, this would mean there would be no transitional period to facilitate the UK economy’s adaption to life outside the EU single market, which would mean that – from Nov. 1, additional friction will occur between the UK and EU economies, particularly Ireland, France, the Netherlands, and Germany.
While the impact may not be immediately crippling, surveys suggest that the medium-term economic damage will be significant, with the UK set to suffer a recession. Listen to the podcast to learn more about the economic impact and the timeline a no-deal Brexit would hold.
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