Is OBR's Gloomy Brexit Forecast a Reality Check?
Conservative lawmakers attacked Britain’s fiscal watchdog after it warned that leaving the European Union would cost 60 billion pounds ($75 billion) in extra borrowing. The Office for Budget Responsibility’s forecast -- the first official assessment of the costs related to leaving the bloc -- also stated that Brexit would leave Britain with less potential for sustainable growth. Chancellor of the Exchequer Philip Hammond, who presented the forecasts alongside his Autumn Statement Wednesday, said the predictions showed there is an “urgent” need for Britain to tackle its long-term economic weaknesses. U.K. Shadow International Trade Secretary Barry Gardiner and Panmure Gordon Chief Economist Simon French discuss with Francine Lacqua on "Bloomberg Surveillance." (Source: Bloomberg)