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Brexit will be 'like the Blitz, except without the bombs', OECD tells UK | |
(35 minutes later) | |
Britain should engage its 'Blitz spirit' for the Brexit process and “stay calm and carry on” despite challenges ahead, a leading economist has said. | Britain should engage its 'Blitz spirit' for the Brexit process and “stay calm and carry on” despite challenges ahead, a leading economist has said. |
Angel Gurria, secretary general of the Organisation for Economic Co-operation and Development (OECD), said there was a “bumpy road ahead” but urged Britain to remember Winston Churchill and government efforts to raise morale during the Second World War. | |
It came as the influential thinktank published an explosive report claiming a second referendum to reverse Brexit would give a “significant” boost to the UK economy - a suggestion that was promptly dismissed by Downing Street. | It came as the influential thinktank published an explosive report claiming a second referendum to reverse Brexit would give a “significant” boost to the UK economy - a suggestion that was promptly dismissed by Downing Street. |
The OECD’s annual report, published today, projected economic growth of just 1% in 2018 and said the uncertainty of Brexit negotiations was likely to scupper chances of a free trade deal with the EU by 2019. | The OECD’s annual report, published today, projected economic growth of just 1% in 2018 and said the uncertainty of Brexit negotiations was likely to scupper chances of a free trade deal with the EU by 2019. |
Chancellor Philip Hammond refused to take any questions at the launch event but pointedly reaffirmed the UK’s commitment to Brexit. | Chancellor Philip Hammond refused to take any questions at the launch event but pointedly reaffirmed the UK’s commitment to Brexit. |
Mr Gurria, speaking at the launch, said: “It’s [Brexit] going to work, you are going to make it work. | Mr Gurria, speaking at the launch, said: “It’s [Brexit] going to work, you are going to make it work. |
“The only question is how long will it take? Are there costs attached? Yes there are, yes there will be.” | “The only question is how long will it take? Are there costs attached? Yes there are, yes there will be.” |
Referring to motivational posters created by the Government during the war, the OECD boss said: “Stay the course. What was that thing Churchill said? Stay calm and carry on. | Referring to motivational posters created by the Government during the war, the OECD boss said: “Stay the course. What was that thing Churchill said? Stay calm and carry on. |
“This is like the Blitz except fortunately, not the Blitz. Without the bombs.” | |
Both sides should adopt a "whatever it takes" approach to the negotiations and the Brexit process should not be "wedded to any particular timeframe", Mr Gurria added. | Both sides should adopt a "whatever it takes" approach to the negotiations and the Brexit process should not be "wedded to any particular timeframe", Mr Gurria added. |
He said European leaders were also keen to secure a good outcome from the talks and there was no need to rush the transition process. | He said European leaders were also keen to secure a good outcome from the talks and there was no need to rush the transition process. |
Mr Hammond, who has faced intense pressure from his own party over his gloomy Brexit stance, told the event: “The Government is clear that we are leaving the European Union and we want a deep and special partnership with the European Union, maintaining close economic ties after we leave the EU. | Mr Hammond, who has faced intense pressure from his own party over his gloomy Brexit stance, told the event: “The Government is clear that we are leaving the European Union and we want a deep and special partnership with the European Union, maintaining close economic ties after we leave the EU. |
“In doing so we know that by delivering a time-limited transition deal - avoiding an obstructive cliff edge exit from the EU - we can can provide greater certainty for businesses up and down the UK and across the European Union.” | |
Pro-EU groups and MPs seized on the OECD report, with Labour MP Wes Streeting claiming the findings were the “final nail in the coffin for the already long-buried notion that Brexit will benefit our economy”. | Pro-EU groups and MPs seized on the OECD report, with Labour MP Wes Streeting claiming the findings were the “final nail in the coffin for the already long-buried notion that Brexit will benefit our economy”. |
The analysis suggests a “no-deal” Brexit would wipe up to £40bn off UK economic growth by 2019. | The analysis suggests a “no-deal” Brexit would wipe up to £40bn off UK economic growth by 2019. |
A government spokesperson dismissed any suggestion of a further Brexit vote, saying: "We are leaving the EU and there will not be a second referendum." | A government spokesperson dismissed any suggestion of a further Brexit vote, saying: "We are leaving the EU and there will not be a second referendum." |