Official forecasts, businesses and unions place pressure on MPs to accept May's Brexit deal

London

THE Bank of England (BOE) and UK Treasury have stated in no uncertain terms that a crash out from the European Union (EU) could cause a deep recession, a rise in unemployment, further sterling devaluation and higher inflation.

In a scenario analysis of the Brexit economic risks, both said that Prime Minister Theresa May's deal, which has a transition period and is relatively close to the Common market, has the best prospects. Nevertheless, all Brexit economic scenarios, including Mrs May's deal, would have a negative impact on growth in the coming five years. The forecasts are similar to the negative predictions of the Organisation for Economic Cooperation and Development and the International Monetary Fund.