Any Version of Brexit Will Make the UK Poorer, Reports Say
Britain's economy will be poorer after the country leaves the European Union, according to a new official analysis.
A report published by the U.K. government Wednesday determined the country will be worse off economically once it leaves the bloc under every possible Brexit option.
The same day, an analysis from the Bank of England warned Britain could see a massive economic slump if it leaves the EU in what it calls a "disorderly" manner.
That includes housing prices dropping 30 percent, and unemployment rising to 7.5 percent.
But officials are hopeful that they'll be able to handle whatever effects Brexit might have on the economy.
U.K. Treasury chief Philip Hammond told reporters , "It is true that the economy will be very slightly smaller if we do the deal the way the prime minister has set out and negotiated, but the impact will be entirely manageable." The report was released just days after EU leaders unanimously approved a deal that would see the U.K. leave the bloc by the end of March.
The next step is for the British Parliament to vote on it.
More than 275 financial firms are moving a combined $1.2 trillion in assets and funds and thousands of staff from Britain to the European Union in readiness for Brexit at a cost of up to $4 billion, a..