Leaving the European Union without a divorce deal could plunge Britain into its deepest recession in nearly a century, with the economy shrinking 8 percent within months as unemployment and inflation soar, the Bank of England warned Wednesday.

The stark projection came the same day the government’s own economists said the country will be poorer after Brexit than if it had stayed in the EU, no matter what sort of trade deal it secures with the bloc, AP reported.

A separate government assessment released Wednesday estimated that a no-deal Brexit would leave the British economy up to 9.3 percent smaller after 15 years than if the country had remained in the EU.

If Britain and the EU maintain close relations on trade, GDP will be 0.6 percent lower than it otherwise would have been, economists from the Treasury and other government departments said.