This statistic presents the forecasted percentage change a no-deal Brexit would have on major economic indicators. In this scenario the United Kingdom's GDP is estimated to fall by eight percent, with house prices also predicted to decline by as much as 30 percent.
While a deal between Britain and the European Union was reached in November 2018, the deal must survive a parliamentary vote in order for it to be implemented. In the event that the vote doesn't go through parliament a no-deal Brexit would be the default scenario.
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The increasing uptake of online retailing has supported the online hardware and tool retailers industry, giving online retailers an edge over traditional bricks-and-mortar establishments. Over the five years through 2024-25, revenue is slated to swell at a compound annual rate of 4.7% to £3.9 billion. The COVID-19 pandemic drove a sharp uptick in online retailing – online stores were the only way people could get hold of non-essential items at the peak of the pandemic. At the same time, the combination of more time spent at home and a lack of places to spend money caused household spending on home maintenance and repair to rise, driving a significant hike in industry demand over 2020-21 and 2021-22. However, the cost-of-living crisis has hampered the market and squeezed household spending on home improvements in the years since – that's why revenue dropped in 2022-23. Subdued investment in construction, infrastructure and housing has led to a stagnation of revenue in 2023-24 and 2024-25, with construction firms cutting spending on new tools as a result. Over the five years through 2029-30, industry revenue is expected to increase at a compound annual rate of 4.6% to reach £4.8 billion. Disposable incomes are anticipated to grow over the next five years, starting on the road to recovery from their steep decline during the cost-of-living crisis. Consumer confidence is also expected to rise as Brexit uncertainties fall away and the cost-of-living eases. For similar reasons, UK construction activity is projected to grow and more people will take up household renovation projects. Online retailers are expected to work harder to steal lucrative professional clients and large contracts away from wholesalers and bricks-and-mortar stores.
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This statistic presents the forecasted percentage change a no-deal Brexit would have on major economic indicators. In this scenario the United Kingdom's GDP is estimated to fall by eight percent, with house prices also predicted to decline by as much as 30 percent.
While a deal between Britain and the European Union was reached in November 2018, the deal must survive a parliamentary vote in order for it to be implemented. In the event that the vote doesn't go through parliament a no-deal Brexit would be the default scenario.