In the worst-case scenario, the economy could sink into recession next year and overall economic output would be 5.6 percent lower than otherwise forecast by 2019, with unemployment rising back above six percent from 5.0 percent currently.
Experts have warned also of tumbling tax receipts and of Britain potentially losing its AAA credit ratings — affecting the amount of money it can borrow on markets at a time when it is still slashing state spending under a severe austerity programme triggered by the 2008 global financial crisis.
