No-deal Brexit would trigger recession worse than 2008 crash, cabinet secretary warns

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On Monday night, MPs once again failed to reach any sort of consensus on how to move forward amid this Brexit deadlock. All four motions put forward for indicative votes were rejected by the House of Commons, making a no-deal Brexit increasingly likely as the current deadline of April 12 looms. Cabinet secretary and head of the civil service Sir Mark Sedwill has warned of disastrous consequences to the economy and with regards to security if the UK leaves the EU without securing a deal. In a letter to cabinet ministers, extracts of which have been obtained to the Daily Mail, Sedwill warns than a no-deal Brexit would hamper police and security services and lead to the return of direct rule in Northern Ireland, last practised in 2007. The letter also warns that there would be a 10% spike in food prices with steeper rises in fresh produce prices. Regarding the economy, Sedwill warned ministers that the inevitable recession would be more disastrous than the financial crash of 2008 as it would be local, not international, and sterling would therefore take more of a hit. The 14-page document also says that the government would under severe pressure to bail out companies on the brink of liquidation as a result of a no-deal Brexit. Theresa May today called a five-hour meeting with her cabinet to discuss which direction to take next. Sebastian Payne of the Financial Times tweeted earlier today that May would rather leave with no-deal than revoking Article 50, if they were the only two options left. https://twitter.com/SebastianEPayne/status/1113037778407829505