Plunging pound will see Britain AVOID postBrexit recession, say experts


The momentous decision to break away from the bureaucratic European Union will benefit companies across the country as they have access to cheaper international markets. 

Trade across the world will account for almost all of the 0.8 per cent growth in the British economy next year, the Ernst & Young ITEM club declared. 

Exports will also sky rocket to their fastest rate in nearly a decade – they are tipped to rise by 4.5 per cent and 5.6 per cent in 2018. 

Peter Spencer, the think-tank’s economic advisor, said: “The odds are that we will avoid a recession.

“The pound is acting as a cushion, a shock absorber and will see exports account for almost all the economy’s expected growth.”

The think-tank added: ”Once the UK has left the EU, making use of the UK’s new found freedoms to access cheaper international markets will benefit consumers.”

However, Mr Spencer warned there will be rough times ahead as inflation triples and unemployment rises by 400,000 to two million people. 

He told The Sun: “Trade performance in 2020 and beyond will depend critically upon the terms that can be agreed with the EU27 and other countries.

“If the UK is not going to get unfettered access to the EU market, it is vital that we get unfettered access to cheap world markets in food and manufactures.”