The Bank of England is downgrading its economic forecasts for the UK economy due to the ongoing Brexit crisis, and is now predicting a one-in-three chance of a recession, even in the case of a so-called ‘orderly’ Brexit, meaning Brexit with some form of deal. They predict a disastrous No Deal would lead to even lower economic growth and the pound potentially falling to historic lows.
Commenting, Catherine McKinnell MP, member of the Treasury Committee and leading supporter of the People’s Vote campaign, said:
“The damage being wreaked by this Brexit crisis is already making life more expensive for the people of the UK as the pound takes a hammering and this can only get much worse.
“The Bank of England is now predicting a one-in-three chance of a recession even if some sort of Brexit Deal can be cobbled together. And the deep destruction of No Deal would turn this into an economic catastrophe.
“The Leave campaigners who now occupy Downing Street promised that Brexit would make us all better off. But the reality is the exact opposite, with the cost of Brexit running at about £800 million per week in lost growth, investment in key industries like the automotive sector drying up and the pound hitting new lows seemingly every day.
“Boris Johnson does not have the permission of the people of the UK for a Brexit that tanks the economy and costs jobs and livelihoods, leaving people poorer. That is not what was promised in 2016 and to force it on the people now is a democratic outrage. The only way to deliver a lasting and legitimate solution to this crisis now is to give the public the final say with a People’s Vote.”