What No Deal Brexit Will Do To The Economy - Brexit Explained

The video discusses the economic implications of the UK leaving the EU without a deal, focusing on a report by the Office of Budget Responsibility (OBR). The report predicts significant economic challenges, including a recession, increased national debt, and reduced tax revenues. It compares the OBR's findings with other analyses, highlighting the difficulty in predicting Brexit's impact due to numerous variables. The video also addresses criticisms of economic forecasts and emphasizes the uncertainty surrounding the potential outcomes of a no deal Brexit.

What was the main topic of the video introduction?

• The benefits of a no-deal Brexit

• The economic impact of a no-deal Brexit

• The political implications of Brexit

• The cultural effects of Brexit

What did the OBR report predict about the UK's public finances in a no-deal Brexit scenario?

• An increase in public finances

• A decrease in public finances by £10 billion a year

• A decrease in public finances by £30 billion a year

• No change in public finances

According to the OBR, what is expected to happen to GDP in a no-deal Brexit?

• GDP will increase significantly

• GDP will decrease

• GDP will double

• GDP will remain stable

What did the OBR predict about house prices in a no-deal Brexit scenario?

• House prices will double

• House prices will increase by 8%

• House prices will remain the same

• House prices will decrease by 8%

What is a major challenge in predicting the economic impact of Brexit?

• Too many variables in the economy

• Lack of historical data

• Political stability

• Technological advancements

How did the OBR's predictions compare to those of the Bank of England and the Treasury?

• OBR's predictions were more severe

• OBR's predictions were less severe

• OBR's predictions were identical

• OBR's predictions were not mentioned

What did the OBR report say about the potential savings from not paying EU membership fees?

• The savings would outweigh the drop in tax revenue

• The drop in tax revenue would outweigh the savings

• There would be no savings

• The savings would be minimal

What was Boris Johnson's response to the OBR's report findings?

• He praised the report

• He ignored the report

• He described them as 'rubbish in, rubbish out'

• He agreed with the findings

What is the main reason for differing economic predictions about Brexit?

• Different assumptions in economic models

• Different political views

• Different historical data

• Different technological advancements

What is the OBR's approach to balancing extreme economic predictions?

• Using a hard no-deal scenario

• Using a mild no-deal scenario

• Ignoring all predictions

• Focusing only on positive outcomes