Smooth Brexit to see steady growth for UK over next two years
The British economy will expect a steady growth over the next two years if the Brexit deal can be implemented smoothly, the Confederation of British Industry (CBI) said Thursday.
Uncertainties are showing over Britain's exit from the EU. Prime Minister Theresa May said on Thursday that British lawmakers are faced with three options ahead of a vote on her Brexit deal: approving her deal or facing an exit with no deal or even the reversal of Brexit.
Under the scenario of an orderly Brexit, British business investment will rise and export growth will keep continuing during the following two years, the CBI said in its latest economic forecast.
According to its prediction, Britain's GDP will see growth of 1.3 percent in 2018, 1.4 percent in 2019 and 1.6 percent in 2020 if there comes an orderly Brexit in 2019.
Carolyn Fairbairn, CBI director general, said: "An orderly Brexit next year would see the UK enjoy steady economic growth for the next couple of years."
By comparison, "a no deal scenario would blow these figures out of the water, severely hurting businesses, jobs and living standards," she added.
Fairbairn said that the current deal was not perfect, but it was the only choice to protect the British economy.
She also noted that the British business sector had proved resilient facing the great uncertainty since the referendum.