Public borrowing 'could double in 2020 as result of no-deal Brexit', OBR cautions

The Office for Budget Responsibility (OBR) has warned that public borrowing could double next year if the government fails to secure a Brexit deal.

19 Jul 2019

The Office for Budget Responsibility (OBR) has warned that public borrowing could double next year if the government fails to secure a Brexit deal.

According to the OBR, public borrowing could reach £60 billion if the UK leaves the EU without a deal. If the UK does secure an advantageous Brexit deal, borrowing is likely to reach £29.3 billion, the OBR stated.

It also said that a 'disruptive or disorderly' Brexit could 'hit public finances much harder', and cautioned that the impact of Brexit will 'continue to unfold for many years'.

The UK is set to leave the EU on 31 October 2019.

Commenting on the findings, Chancellor Philip Hammond said: 'The report that the OBR has published shows that even in the most benign version of a no-deal exit, there would be a very significant hit to the UK economy.'

Browse our library section

Great tips and advice you can download

Find out more

Follow us on Twitter

Copyright

© 2021 Lawrence Grant. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Lawrence Grant

Lawrence Grant is the trading name of Lawrence Grant LLP. Registered to carry on audit work in England and Wales for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Registered in England and Wales No. OC431805
A list of members of Lawrence Grant LLP is open to inspection at the Registered Office.