Fall

UBS: A UK recession and pound-dollar parity are on the horizon, and Brexit risks are rising 'literally' by the minute

29 days ago   |   By Business Insider

REUTERS/Luke MacGregor
Swiss bank UBS warns that the rising likelihood of a no-deal Brexit as Prime Minister Theresa May's deal unravels could see the UK fall into recession next year.
"The risks of a more disorderly situation around Brexit are, literally as we speak, increasing," UBS' John Wraith said on Thursday morning.
Such an outcome could force the UK into both a recession and see the pound fall close to parity with the US dollar. That would be a near 20% drop from today's level.
The pound has dropped more than 1.5% against the dollar on Thursday after key government resignations...
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Live: Theresa May faces leadership challenge as multiple ministers quit over her Brexit deal

Live: Theresa May faces leadership challenge as multiple ministers quit over her Brexit deal

29 days ago   |   By Business Insider

Getty
This is Business Insider's politics live-blog charting the latest developments as May's Brexit deal continues to unravel. Refresh the page for updates.
LONDON - Theresa May suffered a huge blow to her authority on Thursday as multiple ministers including Brexit Secretary Dominic Raab and Work & Pensions Secretary Esther McVey resigned in protest at her Brexit plans.
McVey and Raab's resignations followed a gruelling five-hour Cabinet meeting yesterday in which the prime minister sought to persuade sceptical ministers to support her deal and sell it to backbench MPs. While she claimed...
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