Ahead of the UK’s Office for Budget Responsibility’s five-year report citing first assessment of the economic impact of a no-deal Brexit, the UK Times came out with news that the British economy will slide into recession in case of a no-deal Brexit.
The news report mentions that Thursday’s report could convey the economy will be 3% smaller while entering into recession during 2020 if there is a no-deal Brexit.
FX implications
Given the recent fears of no-deal Brexit, as highlighted by the UK Members’ of Parliaments’ readiness to stop the incoming Prime Minister from suspending the parliament ahead of the Brexit, such news report can weigh on the British Pound (GBP).
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