Newspaper article The Evening Standard (London, England)

Botched Brexit Would Hit House Prices, Say Ministers

Newspaper article The Evening Standard (London, England)

Botched Brexit Would Hit House Prices, Say Ministers

Article excerpt

Byline: Joe Murphy Political Editor

HOUSE prices will fall and mortgages become more expensive in a botched Brexit, ministers were warning in a bid to turn the public against Jacob Rees-Mogg's vision of a no-deal exit from the European Union.

Senior ministers who support close trading ties with the EU were urging the Government to be more "forthcoming" about what crashing out would mean for families' homes and jobs.

The Cabinet was meeting this morning to finalise plans for a PR blitz to sell Theresa May's widely-opposed exit agreement to the country. But some ministers were refusing to accept that either no-deal or no-Brexit were the only alternatives, and at least five Cabinet ministers were keeping a "Plan B" in reserve of pursuing a Norway-style relationship if Mrs May's blueprint is voted down in the Commons on December 12.

"We have been less forthcoming then we might have been," said a minister. "Crashing out would be unbelievably difficult for the country. We would see wholesale factory closures and shortages at ports. It will become much harder for people to get a mortgage, so it's bad for those who are on the property ladder and for those who want to get on it. Parliament needs to be aware of what the choices are and what the consequences of those choices would be." In key developments: The new Brexit Secretary, Stephen Barclay, confirmed that the Government will decide shortly whether to hold a head-to-head TV debate between Theresa May and Jeremy Corbyn on the exit agreement.

The Bank of England and Treasury will both issue official ?analysis of how Mrs May's deal would compare with a no-deal Brexit. The Bank is expected to warn of the risks for home loans in its regular Financial Stability Report on Wednesday.

A think tank analysis said Mrs May's deal would cause a 30 per cent fall in total bilateral trade with the EU "in the long run". …

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