July 18, 2019 / 8:59 AM / a month ago

Hammond says fears impact of worst case no deal Brexit

British Chancellor of the Exchequer Philip Hammond attends an interview during the G7 finance ministers and central bank governors meeting in Chantilly, near Paris, France, July 18, 2019. REUTERS/Pascal Rossignol/Pool

CHANTILLY, France (Reuters) - British Finance Minister Philip Hammond said that he feared the consequences on the economy and the public finances of a worst case no deal departure from the European Union as analysed in a fiscal risk report out on Thursday.

Hammond said that the report from Britain’s Office for Budget Responsibility (OBR) showed that even in the most benign version of a no deal EU exit there would be “a very significant hit to the UK economy”.

Speaking to Reuters on the sidelines of a G7 finance ministers meeting in France, he said that the OBR was clear that in a less benign version of a no deal scenario, the hit to the economy would be much harder, causing a much deeper recession.

“So I greatly fear the impact on our economy and our public finances of the kind of no deal Brexit that is realistically being discussed now,” Hammond told Reuters.

Reporting by Leigh Thomas; editing by John Irish

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