Fidelity bank card banner Emerald Energy Institute Camano banner

Pound to crash 25 pct in no-deal Brexit, Bank of England warns

By News Express on 29/11/2018

Gmail icon

Views: 433

The Bank of England has warned a no-deal Brexit would trigger a financial crisis in the United Kingdom, causing the pound to plunge by 25 percent.

The UK's central bank on Wednesday said in a report that such a scenario could mean a gross domestic product (GDP) shortfall of 8 percent in the first quarter of 2019.

The bank said a smoother Brexit for Britain could help mitigate much of the economic effect from the country's decision in June 2016 to leave the European Union.

The bank's warning came shortly after the British government said the country will be poorer after leaving the EU than if it had stayed in, no matter what sort of trade deal it enters with the bloc.

A government report released earlier on Wednesday estimated that 15 years after Brexit, the UK's GDP will be 0.6 percent lower, even if it enters into a trade deal with the EU.

A no-deal Brexit, on the other hand, would render the GDP 9.3 percent smaller than it would otherwise be in the same period, the report added. 

British Finance Minister Philip Hammond said the departure deal agreed on Sunday between Britain and the EU was the optimum way to minimise the cost of leaving the bloc.

Hammond insisted that the economy was not the only consideration and controlling Britain's borders, money and laws also had value.

"There will be a cost to leaving the EU because there will be impediments to our trade. What the prime minister's deal does is absolutely minimise these costs," he told BBC radio.  (Aljazeera)

Source News Express

Posted 29/11/2018 11:56 AM





You may also like...
Army’s culpability during elections indefensible, by Lovina Iburene...

NSCDC officer killed in Sokoto

Okorocha, Madumere and Imo Deputy Governorship

NIMASA tracks hijacked oil vessel

Miracle of Cape Town: Keshi salutes CHAN warriors,...

Udom Emmanuel mourns Ex-IGP Etim Inyang

Killing of Delta monarch by Fulani herdsmen an...

Elections: Buhari Govt., Governor Abubakar, security agencies planning...

Liverpool go top of EPL as Bournemouth and...

Only 500 pathologists in Nigeria’s healthcare sector: College...

KESHI DROPS YOBO from Super Eagles

BREAKING: Osinbajo orders immediate overhaul of SARS


Latest News BREAKING: Tribunal upholds Makinde’s election as Oyo Governor Buhari critic resigns 10 days after accepting appointment in Ministry of Budget Boko Haram attacks University of Maiduguri Militants point new path to Niger Delta development Obasanjo writes South African leader over Xenophobia Gov. Umahi appoints 180 additional aides FG extends border closure indefinitely 10,000 Nigerian girls forced into prostitution in Burkina Faso – Ambassador FUOYE killings: Fayemi directs commissioner of police to commence investigation Xenophobia: FG releases states of returnees Resident doctors demand improved healthcare infrastructure in southeast Falling container kills 2, injures others in Lagos


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (540,363 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (442,869 views) Shameless Genevieve Nnaji exposes breasts in public (389,177 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,594 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,569 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,604 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,681 views) 10 cars more expensive than Jets (238,273 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,425 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,415 views) Lagos plane crash: Journalist releases victims’ names (195,797 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,409 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,443) Business Verdict (80) Columnists (1,109) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (811) Global Business Monitor (442) ICT Monitor (63) International (3,953) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (410) News (51,360) Opinion (1,358) Pidgin (17) Politics (11,446) Religion (1,102) Sports (2,166) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera