No-Deal Brexit to Disrupt UK’s Economy, Says Hammond
Posted 5th February 2019 in News For Businesses
Philip Hammond has warned of disruption to the UK’s economy should Britain leave the EU without a deal in March, but claims it will “settle down”.
Speaking on BBC Today, the chancellor said, “We will find ways of managing things like the additional time it takes for trucks to get through the border.
“But it might take us quite a while to sort that out. So there will be a short-term impact through disruption. There will be a long-term impact through a reduction in the size of our economy.”
Hammond added, “I clearly do not believe that making a choice to leave without a deal would be a responsible thing to do, but I recognise that that is potentially a default that we could find ourselves in.”
The chancellor’s comments come after the Queen made what has been interpreted by many as a rare intervention in the Brexit debate in her speech marking the centenary of the Sandringham Women’s Institute.
The Queen stated, “Every generation faces fresh challenges and opportunities. As we look for new answers in the modern age, I for one prefer the tried and tested recipes, like speaking well of each other and respecting different points of view; coming together to seek out the common ground; and never losing sight of the bigger picture.
“To me, these approaches are timeless, and I commend them to everyone.”