"I think there's a very good risk of recession before the end of the year. I hope I'm wrong. The IMF [the International Monetary Fund] doesn't appear to think we're going to go into recession, they think we're going to suffer a bad slowdown which I think is pretty inescapable. Certainly in the short term we face a lot of economic difficulties," Clarke told the LBC radio broadcaster.
Earlier this week, Moody’s Investors Service said in a report that the health of the United Kingdom’s overall economy and its banking system was expected to gradually decline as the nation’s exit from the European Union proceeded.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.