Brexit could have as much impact on the UK economy as the CREDIT CRUNCH

Brexit could have as much impact on the UK economy as the CREDIT CRUNCH

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  • David Davis was appearing before the parliamentary Brexit select committee 
  • He said quitting the EU is a ‘paradigm change’ comparable to the 2008 crash
  • He admitted Whitehall has not carried out sectoral Brexit impact assessments 
  • Comes in crucial week for Brexit with the PM under pressure to rescue the deal

By Kate Ferguson, Political Correspondent For Mailonline

Brexit could have as big an impact on the British economy as the 2008 credit crunch, David Davis warned today.

The Brexit Secretary said quitting the Brussels club will amount to a ‘paradigm change’ comparable with the biggest financial slump since the Depression of the 1930s.

He made the extraordinary comment as he was called before the Brexit select committee where he admitted no Brexit impact assessments have been carried out by Whitehall.

He said an assessment of the potential impact of Brexit on different sectors of the UK economy would not necessarily be ‘informative’ as economic models ‘have all proven wrong’ in the past.

Mr Davis told the committee: ‘You don’t need to do a formal impact assessment to understand that if there is a regulatory hurdle between your producers and a market, there will be an impact.

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UK Agora
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