Economics
EU Sees U.K. Economy Tanking in First Forecast Assuming No-Deal
- European Commission releases quarterly economic projections
- ‘Technical’ assumption now is that U.K. trades on WTO terms
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The European Commission cut its forecast for 2021 U.K. economic growth almost in half, in its first ever regular outlook based on the assumption that negotiations for a post-Brexit trade accord will yield no result.
The projections see the economy growing 3.3%, down from 6% projected earlier this year. GDP will plunge by more than 10% this year, one of the worst performances expected in Europe, the commission said.