The IMF said that “hard” Brexit could cause significant damage to the British economy

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If Britain withdraws from the EU without an agreement, the British economy can suffer significant damage, the International Monetary Fund said. The Fund also stressed the need for a transition period, which should follow the country's exit from the bloc and last until the beginning of new economic relations between the UK and the EU. The transition period will avoid complications. Without an agreement and a transition period, the UK will experience significant costs, which will be less affected by the EU, according to the IMF. Many investors are of the opinion that the risk of a UK withdrawal from the EU without a deal has increased.

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