{"id":72294,"date":"2020-09-28T13:24:15","date_gmt":"2020-09-28T13:24:15","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72294"},"modified":"2020-09-28T13:24:16","modified_gmt":"2020-09-28T13:24:16","slug":"no-deal-brexit-could-hit-uk-economy-three-times-as-hard-as-coronavirus","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/no-deal-brexit-could-hit-uk-economy-three-times-as-hard-as-coronavirus\/","title":{"rendered":"No-deal Brexit could hit UK economy three times as hard as coronavirus"},"content":{"rendered":"\n

Failure to reach an agreement with the EU in post-Brexit trade talks could hit Britain\u2019s economy three times harder in the long term than coronavirus, a think tank has warned.<\/p>\n\n\n\n

Queues at the border, shortages of fresh food and medicine as well as more \u201chassle\u201d travelling to the continent are also possible, according to the UK in a Changing Europe group.<\/p>\n\n\n\n

A report by the organisation, based on modelling with the London School of Economics, said the impacts of coronavirus may mitigate or obscure the impact of a no-deal exit.<\/p>\n\n\n\n

But it warned that not forming an agreement with Brussels would have a significant impact in the long term.<\/p>\n\n\n\n

The authors wrote: \u201cThe claim that the economic impacts of Covid-19 dwarf those of Brexit is almost certainly correct in the short term.<\/p>\n\n\n\n

\u201cNot even the most pessimistic scenarios suggest that a no-deal Brexit would lead to a fall in output comparable to that seen in the second quarter of 2020.<\/p>\n\n\n\n

\u201cHowever \u2013 assuming a reasonably strong recovery, and that government policies succeed in avoiding persistent mass unemployment \u2013 in the long run, Brexit is likely to be more significant.<\/p>\n\n\n\n

To find out more about how we can assist you with your Second Charge Mortgage please click here<\/a><\/em><\/p>\n\n\n\n

\u201cOur modelling with LSE of the impact of a no-deal Brexit suggests that the total cost to the UK economy over the longer term will be two to three times as large as that implied by the Bank of England\u2019s forecast for the impact of Covid-19.\u201d<\/p>\n\n\n\n

The transition period, which kept the UK aligned to the EU\u2019s single market and customs union rules to allow trade to flow smoothly after Brexit, expires at the end of the year unless both sides agree to an extension \u2013 something Boris Johnson has ruled out.<\/p>\n\n\n\n

Trade deal talks between the two sides are continuing, but the Prime Minister has set a deadline of October 15 for an agreement to be reached, otherwise he has said he will simply walk away from the negotiating table.<\/p>\n\n\n\n

Professor Anand Menon, director of the UK in a Changing Europe, said: \u201cWhile the Prime Minister said no deal is a \u2018good outcome\u2019 our report shows that it may lead to significant disruption and will have a significant negative economic impact.<\/p>\n\n\n\n

\u201cAs significant will be the political fallout of no deal, particularly with the UK and EU, but also inside the UK, particularly Northern Ireland, and internationally too.\u201d<\/p>\n\n\n\n

Source: iTV<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Failure to reach an agreement with the EU in post-Brexit trade talks could hit Britain\u2019s economy three times harder in the long term than coronavirus, a think tank has warned. Queues at the border, shortages of fresh food and medicine as well as more \u201chassle\u201d travelling to the continent are also possible, according to the […]<\/p>\n","protected":false},"author":1,"featured_media":72295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2084,2093,2075],"yst_prominent_words":[1332,653,500,1252,699,600,552,111],"acf":[],"yoast_head":"\nNo-deal Brexit could hit UK economy three times as hard as coronavirus<\/title>\n<meta name=\"description\" content=\"No-deal Brexit could hit Britain\u2019s economy three times harder in the long term than coronavirus, a think tank has warned.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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