With Brexit being so close at just four months away, many people are started to get worried that it will have a negative effect on the UK's economy. The British government released a report detailing the effects Brexit will have and the economic cost associated with it. According to the report, the UK would be worse off under all scenarios. UK Treasury chief Phillip Hammond said, "It is true that the economy will be very slightly smaller, but if we do the deal in the way that the prime minister has set out and negotiated, the impact will be entirely manageable," This goes to show that although the move will harm UK's economy in the short-term, they remain very optimistic that this is the right move for them and will be more beneficial in the long run. Hammond also goes on to mention, "If you look purely at economics, remaining in a single market would give us an economic advantage,"
It is still unclear whether Prime Minister May's deal that she negotiated will be put into effect. If her deal were to be approved it would give business much needed certainty over the next two years. However, Parliament remains skeptical about the plan. A group campaigning for a second referendum have commissioned analyst that showed the UK economy will be 4% smaller by 2030 under May's plan than it would be without. In addition, the National Institute for Economic and Social Research said that new trade barriers would make it difficult to sell services from the United Kingdom and discourage investment. If May's plan fails, another potential action could be to crash out of the EU without a second referendum or general election. However is this is done, analyst warm the UK would slip into a recession and potentially shrink the UK economy by 7.7% in just 15 years.