No-Deal Brexit Would Imperil British Economy: Finance Minister

Hammond remarked to the BBC that the no-deal Brexit should be "off the table" as it presents a "very bad outcome for the economy".

Arslan Butt•Thursday, May 30, 2019•1 min read

Close on the heels of Jeremy Hunt’s warning about the dangers of a no-deal Brexit, British Finance Minister Philip Hammond too expressed support to this point of view, stating that such a scenario would imperil UK’s economy.

As candidates within the Conservative Party vie to replace Theresa May as UK’s PM, Hammond remarked to the BBC that the no-deal Brexit should be “off the table” as it presents a “very bad outcome for the economy”.

Hammond also indicated that he would be willing to vote to collapse the Conservative government if the rhetoric around the no-deal scenario continued to take campaigning in a wrong direction.

A failure to get a Brexit deal approved by the Parliament would mean an abrupt departure for Britain from the EU, which could leave its economy in a state of shock. However, Brexit supporters argue that the impact on the economy in such an event would be short-lived while in the long term, the economy could move upwards.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.