Britain is in recession if it exits the EU without agreement

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According to the British budget office, the British economy would fall into recession if Britain exited the European Union in an unorganized way.

The UK Government’s Office for Budget Responsibility (OBR), which is an independent analytical and financial analyst, is an official budget and macro-economic forecasting company, outlined a budget stress scenario on Thursday, examining what the real economic consequences would be if the British were EU membership would be terminated without agreement and transitional period.

According to the study, in this case, the British economy would fall into a recession from the fourth quarter of this year to one year, and the total domestic product (GDP) would fall by 2.1 percent in real terms throughout the recession.

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