People who say leaving the EU with no deal will be “catastrophic” for the UK economy are simply talking drivel. The 2008 “credit crunch” affected huge numbers of UK businesses. Small to Medium Enterprises (SME’s) form the backbone of the UK economy, in fact there are 5.7 million SME’s which account for 99% of all business in the UK. SME’s contribute £billions to the UK economy (well over a £trillion in fact). The vast majority of SME’s in UK have never exported anything to anywhere. All SME’s are bound by EU Single Market rules.
The credit crunch ran deep. I personally know four people who were affected. Some were made redundant some were on three day weeks. A lot of small businesses went bust when their overdrafts were called in. Around 1.3 million jobs were lost. The UK exports over £250 billion to the EU each year. Trade would have to cease completely after Brexit in order to get a mild recession. Trade will DEFINITELY not cease completely. Nowhere near. In 2008 financial institutions lost $2.8 trillion. The Bank of England estimates the UK economy lost £7.4 TRILLION in lost output.
Losing around £50 – £100 billion trade to the EU isn’t nothing, but, it is nowhere near £7.4 trillion and anyone trying to make a comparison between Brexit and the credit crunch is simply deluded. We have heard that planes will be grounded, trucks will be parked for days and days, and all trade with the EU will STOP dead if we leave with no deal. This is obviously bullshit of the highest order and this propaganda may fool primary school children, but, anyone who has access to information (I use a thing called the internet) can smell it a mile away.