No-deal Brexit would plunge Britain into a recession, says OBR

Office for Budget Responsibility believes economy would shrink by 2% by end of 2020

A no-deal Brexit would plunge Britain into a recession that would shrink the economy by 2%, push unemployment above 5% and send house prices tumbling by around 10%, according to the government's independent forecasting body.

In an assessment of the impact of Britain leaving the EU without a deal at the end of October, the Office for Budget Responsibility said the result would be a year-long downturn that would increase borrowing by 30bn a year.

The Office for Budget Responsibility is the government's independent forecaster, which gives its verdict on the outlook for growth and the public finances twice a year.