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OECD warns no-deal Brexit could plunge UK into recession

The OECD has slashed its growth forecasts for the UK and warned that a no-deal Brexit could plunge the economy into recession. It now predicts that Britain will see GDP increase by just 0.8% this year even with a deal - and that without one the outlook will be 'significantly weaker'. The economic think-tank said the increase in tariffs resulting from a no-deal outcome and move to WTO trade terms would take 2% off GDP over the next two years. It also pointed to the risks of supply chain bottlenecks, declining business confidence and financial market disruption - which could add to the adverse effects on the economy already seen since the 2016 EU referendum.

Sky News - March 6, 2019

View the full story here: https://news.sky.com/story/oecd-warns-no-deal-brexit-could-plunge-uk-into-recession-11656597