'The Bank of England has warned the pound would crash, inflation will soar and interest rates would have to rise in the event of a no deal disorderly Brexit.
Bank Governor Mark Carney said the impact of Brexit would depend entirely on whether there was a deal but said he had a duty to spell out what might happen.
Mr Carney said the Bank's job was not to 'hope for the best but prepare for the worst' - but his blood-curdling claims will enrage Brexiteers.
The figures are contained in a 'worst case scenario' published by the Bank which suggests in a last-minute no deal, no transition Brexit Britain's GDP could plunge rapidly by 8 per cent - much worse than the 2008 financial crisis.
But he faced a backlash from Eurosceptic MPs, who accused him of mobilising ‘Project Hysteria’ in support of Mrs May’s deal.
Ministers were cautious about publicly endorsing the Bank, worried about being accused of re-running the Project Fear campaign which was seen to have done more harm than good in the 2016 referendum. '
Read More: 'This is Project Hysteria': Brexiteers slam Bank of England chief after he warned No Deal doomsday could cost us EACH £3,000 a year and see house prices plunge 30%