No-deal Brexit would cause GDP to shrink by up to 8 per cent

Mail Online | 1/11/2019 | Terri-ann Williams For Mailonline
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A no-deal Brexit would cause GDP (gross domestic product) to shrink by up to 8 per cent and put thousands of jobs at risk according to the Confederation of British Industry's (CBI) chief Carolyn Fairbairn.

The business body has warned that Brexit would have profound economic consequences on the UK and has urged MPs to back Theresa May's deal.

Group - Deal - 'solution - Businesses - Transition

The group described the deal as a 'solution' businesses can work with as it delivers a transition period and avoids a 'hugely damaging cliff edge'.

It highlighted that if parliament does not agree with Mrs May then it must immediately outline its plan to avert a no deal and secure British jobs.

Deadline - Approval - Prime - Minister - Deal

With the deadline looming for parliamentary approval for the Prime Minister's deal, the CBI is now piling on the pressure to avert a no deal outcome, which it believes would be a disaster for Britain.

In a speech on Friday, it's director general, Carolyn Fairbairn is set to call on MPs to 'safeguard the security and prosperity of our country' and put jobs and the economy ahead of politics when they vote on Tuesday.

Meeting - Business - Leaders - Bristol - Fairbairn

At a meeting of business leaders in Bristol Fairbairn will say: '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', The Guardian reported.

Plea - Day - Car - Industry - Brexit

Her plea comes just one day after the car industry revealed its Brexit woes, with the chief executive of Jaguar Land Rover, Ralf Speth having said the company's liquidity would be at stake...
(Excerpt) Read more at: Mail Online
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