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This is Money Podcast

Who’s afraid of a no-deal Brexit? What the next PM taking us out Europe without a deal means for your money

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1650 Ratings

🗓️ 19 July 2019

⏱️ 48 minutes

🧾️ Download transcript

Summary

 
The threat of no deal is looming larger – just a few months after people had decided a softer Brexit was on the cards. 
 
This week we had the Office of Budget Responsibility’s verdict on what a ‘benign’ no-deal Brexit scenario might look like for the economy. It would cost us £30billion, unemployment would rise to 5%, the pound would fall 10% and house prices would go down by the same amount. 
 
And that’s not based on the IMF’s worst case scenario. The Chancellor said things could actually be more painful, Jacob Rees-Mogg suggested it was the wrong way round and we could be £80billion richer.
 
So could no deal really happen? What would it mean for your money? Are the OBR’s forecasts just more Project Fear? Or is ignoring experts measured forecasts Project Daft?
 
On this week’s podcast Simon Lambert and Georgie Frost dive into Britain’s unpredictable short-term future.
 
Also on the show, we look at what we can learn from a trip back to This is Money a decade ago, consider why Lloyds is getting back into the investment advice business with Schroders Personal Wealth, and answer a couple of reader questions on faking a break-up and staging a divorce to dodge pension tax and whether if you break off an engagement you get to keep the ring.
 
Who said love is dead?

Enjoy.

Transcript

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0:00.0

Welcome to This Is Money with me Georgie Frost and editor Simon Lamber.

0:05.5

And today, who's afraid of a no-deal Brexit?

0:08.5

Depends on who you talk to, but the OBR and Chancellor Philip Hammond have this week been painting another rather bleak picture.

0:16.0

But how likely is a no-deal? What would it really mean for your money?

0:20.0

Also today, advice on investments is making

0:22.1

return to the High Street, backed by one of Britain's biggest banks. Will others follow suit? Plus,

0:28.0

we get all romantic. Talking, faking our own divorces to avoid tax and asking, if you ditch

0:34.5

the man, can you keep the engagement ring? Oh yes. Don't forget you

0:38.8

stay up to date with all the latest breaking money news. Just go to this ismoney.com.uk or download

0:44.4

the app. But before all, that is Project Fear Back. Or should we be afraid, very afraid of a no-deal Brexit?

0:53.5

Imminent recession, a 30 billion hole in the public finances,

0:57.8

10% fall in the pound, 5% dropped to the stock market, pushing up inflation, the economy shrinking

1:02.5

2%, and I've not even got started on house prices, 10% fall apparently. I'm not saying this,

1:08.5

this is all according to the UK's budget watchdog, the OBR,

1:11.6

and their first assessment of the economic impact of leaving the EU without a deal this autumn.

1:17.6

However, the Chancellor, well he reckons this isn't even the worst case scenario.

1:22.6

So Simon, it feels like we're going around in a bit in circles.

1:25.6

Why is the threat of no Deal back on the table?

1:29.6

Just explain to us because I thought a couple of months ago

1:31.5

it was all heading towards something rather softer.

1:34.5

Yes, indeed.

1:35.4

Well, we thought that No Deal Brexit was firmly off the table,

...

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