Christine Lagarde, the IMF’s managing director, said there would be costs to the UK under any outcome that involves leaving the EU. Expressing the IMF’s growing concern at the possibility of an acrimonious divorce next March, Lagarde said: ‘If that happened there would be dire consequences. It would inevitably have consequences in terms of reduced growth, an increase in the [budget] deficit and a depreciation of the currency.’

IMF chief highlights recession risk of no-deal Brexit

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