Responding to the warning from the IMF that a no-deal Brexit could plunge the UK into a two-year recession, Leader of the Liberal Democrats Vince Cable said: 

“The IMF’s warning that leaving the EU without a deal would cause a two-year recession should put to bed Brexiter fantasies about WTO rules and a “managed no-deal Brexit” without any significant economic costs.

“Despite the attempts made to undermine and ridicule economic experts, the IMF has a good record of analysis and understanding trends in the world economy. It has no axe to grind where the UK is concerned.

“Although Parliament has done its best to rule out a no-deal, and it is now unlikely, it remains the default position and the UK is now reliant on the EU to give another extension of the negotiations to avoid it.

“Any form of Brexit will be bad for our economy. That is why the people must be given a vote on the deal, with the option to stay in the EU instead.”