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Brexit… how bad could it get? Very bad indeed. September 14, 2018

Posted by WorldbyStorm in Uncategorized.

The governor of the Bank of England has warned the cabinet that the impact of a no-deal Brexit could be as catastrophic as the financial crisis that crippled the UK economy a decade ago.During a special cabinet meeting on Thursday to discuss preparations for the UK crashing out of the union, Mark Carney told Theresa May and her senior ministers of the potentially dire economic consequences of leaving on poor terms.Cabinet sources said he painted a bleak economic picture of unemployment reaching double figures in percentage terms, house prices falling by 25-35% over three years, and transport links with the EU, including air travel and the Eurostar, stalling.

One wonders at the response around the Cabinet Table. Did they grasp the importance of this information? Or ignore it?

Tellingly there’s not a lot of detail in the following:

During the briefing, which lasted more than three hours, Philip Hammond set out what would need to be done to protect the economy in the event of leaving without a deal. The chancellor outlined economic interventions, including providing financial support for struggling businesses.

But how would the UK state support an economy that had just lost a significant chunk of its non-indigenous market, and with no prospect of making up the shortfall on any realisable timescale?

How long could the UK state continue to support that economy?


1. CL - September 14, 2018

“Brexit is widely regarded as having been (as one spokesperson described it) ‘manna from heaven’ for republican dissidents opposed to the peace process and the Good Friday Agreement. From their perspective, particularly if Brexit results in some form of ‘hard border’, Brexit will bring home ‘the reality of partition’ previously obscured by a largely invisible border and the constitutional settlement of the Good Friday Agreement.”


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