| Author (Corporate) | International Monetary Fund |
|---|---|
| Series Title | News |
| Series Details | 17.09.18 |
| Publication Date | 17/09/2018 |
| Content Type | Journal | Series | Blog, Report, Statistics |
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The International Monetary Fund (IMF) published its 2018 assessment of the UK economy on the 17 September 2018 [United Kingdom — 2018 Article IV Consultation Concluding Statement of the Mission]. In her comments the IMF Managing Director Christine Lagarde said ' Overcoming differences and reaching a deal with the EU will be crucial to avoid a no-deal Brexit, which would impose very large costs on the UK economy. Indeed, leaving the EU without an agreement on the framework for the future economic relationship and an implementation period to get there is the most significant near-term risk to the UK economy'. In response, the Chancellor of the Exchequer Philip Hammond said: 'as we leave the EU we must secure a close and enduring future partnership with our European neighbours… …and we must heed the clear warnings of the IMF and others of the significant cost that not reaching a deal with the EU will have for British jobs and British prosperity'. Background information In its 2016 assessment of the UK economy (published just before the holding of the UK referendum on the EU), the IMF had suggested that 'a vote by the UK to leave the European Union would have 'pretty bad, to very, very bad' consequences'. Remain supporters had used this prediction, along with others from economic expert organisations, to bolster their advocacy of the UK staying in the EU. However, others had criticised the IMF, the OECD and HM Treasury predictions. |
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| Source Link | Link to Main Source https://www.imf.org/en/News/Articles/2018/09/17/United-Kingdom-Staff-Concluding-Statement-of-the-2018-Article-IV-Mission |
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| Countries / Regions | United Kingdom |
