Business Insider UK:
The Bank of England is preparing for the absolute worst case Brexit scenario
27 June 2017
Under May's argument, Britain would drop out of the EU, immediately reverting to unfavourable WTO trade terms, if the country's negotiators failed to get an agreement seen as having favourable terms for the UK. May has widely been criticised for this approach, with a report from the London School of Economics earlier in June saying that failure to strike a deal with the European Union on trade during Brexit talks will lower income per household by at least £1,890 a year.
Related publications
‘Brexit and the UK Economy’, Swati Dhingra and Thomas Sampson, CEP 2017 General Election Analyses Paper No.40,