U.S reaches a deal with Moderna for 100 million doses of potential coronavirus vaccine    China opposes US-Taiwan official interactions under any pretext: FM    New Zealand locks down largest city after cases end 102-day run    Barcelona player tests positive for COVID-19    Egypt's property developer SODIC profits drop 80% in H1    Kamala Harris' selection as VP resonates with Black women    Trump campaign blasts Kamala Harris as 'phony'    Outcry in Somalia as new bill would allow child marriage    PSG's Tuchel optimistic Mbappe can feature against Atalanta    Asia's World Cup qualifiers postponed to 2021 due to COVID-19    Iranian hard-liners in parliament reject president's nominee    Egypt's GAFI in talks over Amazon's plans to expand in local market    Egypt GASC gets lowest offer of Russian wheat in its tender    Egypt's senate elections 2020 trending on social media in few days    Egypt reopens Rafah border crossing for first time since April    168 new coronavirus cases, 24 deaths recorded on Tuesday    Egypt discusses Amazon expansion plans in the local market    Scramble for the Senate seats    French publisher's jarring memoir to be released in English    Breaking down barriers    Foreign currency takes a hit    The last piece of gold    Mohamed Mandour, guru of modern pottery    Trump says ‘great' bond with China's counterpart changed after COVID-19    Lebanese demand change after government quits over Beirut explosion    VIDEO: Al-Rehab residents vote in ُEgypt's Senate elections in highly organized manner    Russia registers first coronavirus vaccine, Putin's daughter given it    Egyptians start vote in Senate elections amid tight preventative measures against coronavirus    Netflix Egypt released its teaser images of Arabic original series, Ma Waraa Al Tabiaa    Sisi calls on Lebanon to unite, avoid disputes and regional conflicts    Egypt puts in place scheme ahead of Senate elections – ministry    African Champions League final will be played on Oct. 16-17, CAF says    Egypt invites Tesla's founder to visit Giza Pyramids after controversial tweets    No room to delay Egyptian Premier League games – EFA's board member    Egypt Cup games to resume after Premier League finishes: EFA    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Google ‘translate' ancient Egyptian hieroglyphs    Zaha speaks out after online racial abuse    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





UK may be entering full-blown recession
Published in Ahram Online on 18 - 07 - 2019

Britain might be entering a full-blown recession and a no-deal Brexit could more than double the country's budget deficit next year, the watchdog for public finances said on Thursday.
The Office for Budget Responsibility said the world's fifth-biggest economy appeared to have flat-lined or possibly contracted in the second quarter, some of which was probably "pay-back" after Brexit-related stock building in early 2019.
"But surveys were particularly weak in June, suggesting that the pace of growth is likely to remain weak. This raises the risk that the economy may be entering a full-blown recession," it said in a report on the outlook for the public finances.
A no-deal Brexit would hurt confidence and deter investment and lead to higher trade barriers with the European Union, pushing down the value of the pound and causing the economy to contract by 2% by the end of 2020, the OBR said, referring to forecasts by the International Monetary Fund.
A no-deal Brexit - something the two contenders seeking to be Britain's next prime minister say they are prepared to do if necessary - could add 30 billion pounds ($37.4 billion) a year to public borrowing by the 2020/21 financial year, the OBR said.
The OBR said the spending and tax cut promises made by Boris Johnson and Jeremy Hunt, one of whom is due to become prime minister next week, would put a strain on the budget.
"The spending control framework seems to be under pressure, with major announcements being made outside fiscal events, and the Conservative leadership making pledges that would prove expensive if pursued," it said. ($1 = 0.8016 pounds)


Clic here to read the story from its source.