Guy Hands, the billionaire businessman and longtime Conservative Party supporter, have issued a series of stark predictions about what could lie ahead for the UK economy if Brexit is not renegotiated.
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In an interview with The Guardian, Hands warned that without renegotiation, the British economy was “frankly doomed”. He accused the Conservatives of putting the UK “on a path to be the sick man of Europe” and called for higher taxes, interest rates, and fewer social services.
Hands’ comments come as Theresa May faces mounting pressure from her party to change course on Brexit. Several high-profile Tory MPs have called for a rethink of the UK’s approach, with some even calling for a second referendum.
With time running out before the UK is due to leave the EU in March 2019, whether the government will heed Hands’ warnings and attempt to renegotiate Brexit remains to be seen. However, with the clock ticking, it seems increasingly likely that the UK is heading for a no-deal scenario.
According to Hands, this would be “catastrophic” for the UK economy and lead to higher taxes, interest rates and inflation. He also warned that a no-deal Brexit could see the UK’s social safety net “dismantled” as the government would no longer have access to EU funding.
Hands’ comments will add to the pressure on Theresa May, who is already facing calls from within her party to change course on Brexit. With time running out before the UK is due to leave the EU, it remains to be seen whether the government will heed Hands’ warnings and attempt to renegotiate Brexit. However, with the clock ticking, it seems increasingly likely that the UK is heading for a no-deal scenario.
In addition, Hands said a no-deal Brexit would be “catastrophic” for the economy, with higher taxes, interest rates and inflation, and the dismantling of the UK’s social safety net.
This would be an outcome that Hands himself has described as “catastrophic” for the UK economy. In light of his warnings, it is clear that the government must act now to avoid economic disaster.
What do you think of Hands’ predictions? Do you think the UK economy is “frankly doomed” without a Brexit renegotiation? Let us know in the comments below.
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