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Civil servants are preparing a 'Doomsday list' of radical tax and tariff cuts amid warnings the economy faces its worst year since the financial crash.
The plans, dubbed 'Project After', are being drawn up to minimise the shock of a No Deal Brexit in March.
Whitehall - Source - Project - Cabinet - Secretary
One Whitehall source called the project, marshalled by Cabinet Secretary Mark Sedwill, a 'Doomsday list of economic levers' that the Government could pull to stimulate the economy. News of the plan emerged as Bank of England Governor Mark Carney warned a 'fog' of confusion had descended on the country amid failure to agree a Brexit deal with Brussels.
He said the Bank now expects the UK economy to expand by just 1.2 per cent in 2019 – its most sluggish performance since the depths of the recession in 2009 – even if a deal is clinched in the next few weeks. Making its previous forecast in November, the Bank said it expected growth of 1.7 per cent this year.
Bank - Chance - Economy - Recession - Half
The Bank said it saw a one-in-four chance of the economy slipping into recession in the second half of this year.
However, the European Commission also slashed its growth forecasts for the eurozone yesterday, with the economies of Germany, France and Italy all faltering.
Result - UK - Economy
As a result, the UK economy is...
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