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No-Deal Brexit: Short Positions Against the Pound

Part of the debate – in the House of Commons on 30th September 2019.

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Photo of Chris Leslie Chris Leslie Independent, Nottingham East

Does the Minister accept the specific conclusions in the Office for Budget Responsibility’s fiscal risks report? In July, the OBR ran a stress test on a no-deal scenario, on the model of the International Monetary Fund. It predicted that sterling could depreciate by 10% immediately, because

“market participants judge that a fall in the pound is needed to compensate for the reduced competitiveness with the EU
inflation is initially higher, due to the weaker pound”,

which contributes to the UK’s entering “a year-long recession”. Does the Minister accept the OBR’s analysis, or does he believe that this is “a price worth paying”?