UK economy to lose 3.5 percent of GDP in no-deal Brexit - IMF

This is the best tl;dr I could make, original reduced by 59%. (I'm a bot)

The IMF said that even in a relatively orderly no-deal Brexit scenario - with no delays at borders and minimal financial market turmoil - the economy would grow 3.5 percent less by the end of 2021 than it would under a smoother Brexit.

The EU economy would suffer too but by much less than Britain, facing an estimated 0.5 percent hit to gross domestic product compared with a smooth Brexit scenario, the IMF said.

In its report on Tuesday, the fund said a worse-case no-deal Brexit scenario involving border delays and financial market turmoil would increase the damage to about 4 percent of GDP by 2021.

BoE Governor Mark Carney gave broadly similar estimates of the cost of a no-deal Brexit last month, when he said preparations by government and businesses could mitigate only some of the damage of a no-deal Brexit.

A spokesman for Britain's finance ministry said the government wanted to leave the EU with a deal but was getting ready for a possible no-deal Brexit.

Growth for 2020 was seen picking up to 1.4 percent, but in both years Britain's economy was predicted to grow less than the euro zone, in contrast to before the 2016 Brexit referendum.

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