The Foreign Secretary, Jeremy Hunt, today warned that a no deal Brexit would cause a damaging hit to the value of the pound.
During a three-day day trip during which he will visit Finland, Denmark, the Netherlands and Latvia, Mr Hunt was asked about market reaction, particularly a fall in the currency, if Britain and the EU did not reach a deal by March 2019. Mr Hunt said, “Of course there will be significant short-term impact.”
Commenting, Gareth Thomas MP, leading supporter of the People’s Vote campaign, said:
“For those who thought the Brexit hit to the value of the pound couldn’t get much worse, Jeremy Hunt has some bad news for you – the no deal Brexit that his Government is making more likely would mean the pound dropping off a cliff.
“What he isn’t being honest about is the damage that any botched Brexit deal will do to our economy. The reality is that the threat of a ‘no deal Brexit’ is rising only because Theresa May’s Brexit plan is filled with contradictions, would severely harm our economy and is shedding what little support it ever had.
“British families are already feeling the pinch with holidays becoming much more expensive and the cost of living heading through the roof – they won’t soon forget that it’s their own Government making everyone poorer through their disastrous handling of Brexit.
“With the economic cost of Brexit becoming more severe by the day, and with Brexit promises being broken all the time, we need a People’s Vote before it’s too late.”
Notes to editors
More reporting on this story can be read here: https://www.ft.com/content/a9a0bb36-a061-11e8-85da-eeb7a9ce36e4