Welcome to tools, resources and updates from our team to assist with your Brexit preparations.
Brexit Business Impact Checklist
Brexit planning: Practical tips for businesses
Our latest Brexit press summaries
Britain could be in recession, economists warn – The National Institute of Economic and Social Research (NIESR) has warned that Britain may already be tipping into recession due to the effects of Brexit. It believes there is around a 25% chance that the economy will have shrunk from April to June and will continue to do so in the following quarter, while putting the likelihood of a no-deal exit from the EU at 40%. NIESR forecasts GDP fell by 0.1% in Q2, with a 25% chance that GDP declines again between July and September. However, the think-tank’s central forecast is for growth of 0.2% in Q3. NIESR has cut its forecasts for economic growth in 2019 and 2020 to 1.2% and 1.1%, down from 1.4% and 1.6% previously. (Source: Financial Times, 23/07/19)
Pound falls again on no-deal fears – The pound has continued to fall on currency markets amid fears of a no-deal Brexit, hitting a fresh two-year low of $1.2120 against the dollar on Tuesday before recovering some ground. Sterling also slid against the euro, falling to €1.0881 at one point. (Source: The I, 31/07/19)
Boris in tax pledge to draw investment – Boris Johnson has said he is preparing a package of tax cuts and incentives for businesses to invest in the UK. The Prime Minister said: “We will begin right away on working to change the tax rules to provide extra incentives to invest in capital and research.” “We will prepare an economic package to boost British business and lengthen this country’s lead as the No 1 destination in this continent for overseas investment,” he added. (Source: The Times, 26/07/19)
Global growth forecast cut by IMF – The IMF has cut its growth forecasts for the global economy for this year and next. It predicts growth of 3.2% in 2019, down from its April forecast of 3.3%. Growth next year is set to pick up to 3.5%, although that is below its earlier forecast of 3.6%. The IMF has raised its growth forecast for the UK this year to 1.3% from 1.2%. The revision for the UK reflects what the report calls a stronger-than-expected first three months of the year, boosted by pre-Brexit stockpiling. However, the IMF’s World Economic Outlook analysis has named a no-deal Brexit among the chief threats to the world economy. (Source: BBC News, 24/07/19)
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