From a report by the Bank of England on a “hard” Brexit…
“Britain’s economy faces contracting by 8 percent in the space of about a year — compared with 6.25 percent in the crisis — in response to severe border delays and financial markets’ loss of confidence in British institutions.
Unemployment would rise to 7.5 percent, with only the mass emigration of workers stopping it exceeding its crisis peak.
This “disorderly” scenario is not what the central bank sees as the most likely outcome should Britain leave the EU without a deal, but does represent a plausible outcome which it has asked British banks to protect themselves against.”
Again: “This “disorderly” scenario is not what the central bank sees as the most likely outcome should Britain leave the EU without a deal”
Why even publish it then?
The bank of England was actually proposing a scenario where all trade with the EU, exports and imports, ceased COMPLETELY on 1st April 2019. This was not only the most unlikely outcome, but it was actually impossible given that the EU and the UK had taken steps to mitigate the worst effects of a breakdown in “frictionless trade” and that the Bank of England itself was ready to take steps to mitigate the financial consequences.
Even though the scenario was absolutely impossible, the Bank of England still presented this baseless propaganda to the Government for general distribution. Very shoddy work from a national institution. The Governor is still in his job by the way. How?