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Brexit battle approaches as UK is hit with recesion warnings

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If the UK will exit the EU with a no-deal it may face a full blown recession with a 30 billion hole in the public finances.

The parliament is preparing to stop the new Britain PM to pursue a no-deal Brexit as the economy struggles to grow.

The Office for Budget Responsibility said that the growth  likely to remain weak and there a risk that the country could enter in a ‘full-blown recession’as Britain’s economy started to slow down after the 2016 Brexit referendum and it got worse with the approaching of the October 31st deadline. OBR commented that a no-deal Brexit could cause an economy contraction of 2% and could also add a 30 billion pound hole per year to the public finances, doubling the expected deficit.

The EU said that is ‘not impressed’ by Britain’s threats of a no-deal exit and that will face the consequences, but the 2 front runners for the PM position Johnson and Hunt have said that they would leave the EU the hard way if the deal is not renegotiated.

Boris Johnson refused to comment if he would put this plan in action even if the parliament is against an hard Brexit and he hinted that would do the Queen’s Speech in November, meaning that the lawmakers would be sent home two weeks earlier, impeding them to act against Johnson plan, de facto suspending the parliament.

The OBR added that the projections of a no-deal Brexit have weighed hard on Britain’s economy and that Johnson’s and Hunt’s  promises of wide tax cuts would worsen the situation even more.

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