To assess the effects of a no-deal Brexit, we should not forget that there will be a significant economic policy reaction

A majority of economists believe that a no-deal Brexit would have extremely negative effects on the UK economy, and slightly negative effects on the euro-zone economy, due to the fall in trade, in investment as a result of the depreciation of the pound sterling, and in consumption in the United Kingdom. But we should not forget that there will be a significant economic policy in the United Kingdom (rate cuts, fiscal deficit) and also an economic policy reaction in the euro zone. The cost of a no-deal Brexit for the United Kingdom will perhaps be not so much the slowdown in growth, but rather impoverishment due to exchange rate depreciation and declining investment.