UK CBI head: No-deal Brexit would cause GDP to shrink by 8 percent
|A no-deal Brexit would cause GDP (gross domestic product) to shrink by up to 8 percent and put thousands of jobs at risk, according to the Confederation of British Industry's (CBI) head Carolyn Fairbairn.
The business body, therefore, is urging MPs to back Prime Minister May's deal.
Key quotes (Source: dailymail.co.uk, Guardian)
Next week, they [MPs] face a test. If they meet it with yet more brinkmanship, the whole country could face a no-deal, disorderly Brexit. The economic consequences would be profound, widespread and lasting. GDP would decline by up to 8%, meaning less money for our public services and those who rely on them.
Businesses would face new costs and tariffs. Our ports would be disrupted, separating firms from the parts they need to supply their customers.
If parliament does not agree with Mrs May then it must immediately outline its plan to avert a no deal and secure British jobs.
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