'No-Deal' Brexit Will Harm Economy, Chancellor Warns

Law360, London (June 21, 2019, 4:26 PM BST) -- A "no-deal" Brexit, in which Britain crashes out of the European Union without any agreements in place, would damage and disrupt the U.K. economy, the country’s finance minister warned on Thursday.

Britain risks being left with a “permanently smaller” economy if it withdraws from the EU without securing a withdrawal agreement, Philip Hammond, Chancellor of the Exchequer, said. There is also a strong possibility that economic progress — the “fiscal headroom” that the country built up after the fiscal crisis — will be squandered, Hammond said.

“So there is a choice: either we leave with no deal,” the finance minister said at his annual Mansion House...

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