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The report that the OBR have published this morning shows that even in the most benign version of a no-deal exit there would be a very significant hit to the UK economy, a very significant reduction in tax revenues and a big increase in our national debt - a recession caused by a no-deal Brexit. But that most benign version is not the version that is being talked about by prominent Brexiteers. They are talking about a much harder version, which would cause much more disruption to our economy.
And the OBR is clear that in that less benign version of no-deal the hit would be much greater. The impact would be much harder. The recession would be bigger. So I greatly fear the impact on our economy and our public finances of the kind of no-deal Brexit that is realistically being discussed now.