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Economic Effect of No Deal

Part of Oral Answers to Questions — Treasury – in the House of Commons on 1st October 2019.

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Photo of Edward Davey Edward Davey Liberal Democrat Spokesperson (Treasury), Liberal Democrat Spokesperson (Business, Energy and Industrial Strategy), Deputy Leader, Liberal Democrats

Is the Chancellor aware that the Office for Budget Responsibility’s alarming fiscal analysis of a no-deal Brexit assumes that the Government’s preparations are successful—and so result in a miraculously benign no-deal Brexit—and that even with this least-damaging no-deal Brexit the OBR predicts a hit to Britain’s finances that would destroy every single spending announcement by the Prime Minister and the Chancellor? Given that, is it not unacceptable for a Chancellor in a Government publicly contemplating a no-deal Brexit to fail to tell the truth to the British public that spending on health, schools and police will be slashed in the event of a no-deal Brexit?