Britain crashing out of the EU without a deal would inflict significant economic pain across Europe leaving the region without any winners, the International Monetary Fund has warned.
Staging an intervention as the new Brexit secretary, Dominic Raab warned Europe to prepare for a no-deal scenario, even as the IMF said such an outcome would hurt the UK most but would also have damaging economic consequences for Ireland and other EU nations.
Using its annual health check for the euro area, the Washington-based fund said economic growth across the 27 remaining EU states would fall by as much as 1.5% by 2030, should Britain fall back on World Trade Organizationrules for its trading relationship with the EU after leaving next year.
While economic output for the UK would drop by more than twice that amount – wiping out almost 4% of GDP – Ireland would suffer by almost as much given its strong ties to Britain and shared border. The Netherlands, Denmark and Belgium, with similar close proximity and trading links, would also lose around 1% of GDP.
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