A report by Goldman Sachs suggests that, since the June 2016 vote, nearly 2.5 per cent has been shaved off GDP. It also suggests that around £40 billion per year, or £800m a week, of lost income for the country as a whole since the result of the leave vote.
No deal will only affect the UK but other European economies. There are many senior Leave supporters who think that no deal “would be perfectly acceptable as long as sufficient preparations have been made”, according to the BBC’s Chris Morris.
It will create unknown consequences for businesses; chaos at borders, increase food prices and a shortage of essential goods and services. What will be the future of the UK and Northern Ireland is an interesting question to see in the coming months. Liz Bilney, CEO of Leave.EU, argues that a no-deal Brexit should be seen as a positive. “It is at worst, benign, at best, a fabulous opportunity for a fairer, more prosperous Britain.”
Many media are reporting of stockpiling of products and raw material in factories due to no confidence in the deal. Brexit is UK version of “Make America Great Again”
Nigel Green, CEO of deVere Group, said the pound will flatline on the outcome of latest parliamentary Brexit vote. He said: “MPs have failed to find a way out of the UK’s Brexit crisis, rejecting a series of alternative strategies in the House of Commons for a second time. Sterling and UK assets can be expected to flatline now that there is a parliamentary consensus on how to move forward with Brexit.
The UK economy would have benefitted if there had have been a clear majority of any of the four motions selected by the Speaker, John Bercow. There would have been a likely boost as household spending and investment that had been on the sidelines is unleashed. MPs are failing UK business and the legacy of this failure will last a generation.” He said to Investment Week.