An economic analysis of a no-deal Brexit

As the United Kingdom (UK) is about to leave the European Union (EU), the British economy is likely going to experience a significant shock. Given the current political climate, it is unclear whether the two sides will be able to agree on a deal or not. While most independent economists and the Bank of England argue that a no-deal (or ‘hard’) Brexit would be detrimental for the British economy (Giles, 2019), others believe that the currently negotiated withdrawal agreement is ‘not the Brexit we voted for in 2016’ (The Brexit Party, 2019) and call for a no-deal departure from the Union.