IPFS News Link • Central Banks/Banking
Banking sector warns of 1930s-style crisis after no-deal Brexit: 'Social and economic catastroph
• https://www.independent.co.uk'If the prime minister's deal is voted down, we are in totally uncharted territory'
A no-deal Brexit would be an economic and social "catastrophe", a senior banking industry leader has warned.
Stephen Jones said leaving the European Union (EU) without an agreement could lead to a 1930s-style economic depression, with widespread job losses, homeowners unable to afford their mortgages, and mass defaults on loans.
"A no-deal Brexit on 29 March, where we crash out of European Union, is a catastrophe," the head of the UK Finance trade body told Channel 4 News. "It's a social catastrophe, it's an economic catastrophe."
