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No-Deal Brexit Could Wipe 10.7% Off U.K. Economy Over 15 Years

Government publishes economic analysis of Brexit options
Report says U.K. will be poorer under all Brexit scenarios

BHS Stores As U.K. Prime Minister Theresa May Pledges To 'Reform Capitalism' In Wake Of Retail Chain's Collapse — Photographer: Chris Ratcliffe/Bloomberg

By

Jess Shankleman and

November 28, 2018, 11:32 AM UTCUpdated onNovember 28, 2018, 1:15 PM UTC

The U.K. will suffer a major economic hit if Parliament rejects Theresa May’s Brexit deal and the country crashes out of the European Union with no new trade arrangements in place, according to official analysis.

A government report on Wednesday said GDP will be as much as 10.7 percent lower over 15 years if there’s no orderly exit and the supply of workers from the bloc dries up. The U.K. will be poorer under all exit options modeled in the study.