No-deal Brexit would trigger lengthy UK recession, warns S&P

Credit agency warns of property price falls, unemployment doubling and inflation spiking in latest grim forecast

Britain’s economy will suffer rising unemployment and falling household incomes that would trigger a recession should Theresa May fail to secure a deal to prevent the UK crashing out of the European Union next year, according to analysis by the global ratings agency Standard & Poor’s.

Property prices would slump and inflation would spike to more than 5% in a scenario that S&P said had become more likely in recent months following deadlock with Brussels over a post-Brexit deal.

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