Investment bank HSBC has issued a stark warning about the impact of Brexit on the UK economy.

In a new research note, HSBC predicts that the pound would tumble, and the economy would grind to a near-standstill next year. It also fears that banks would face new pain, and that London’s property market would suffer too.

Here’s the key points:

• Sterling could lose 20% of its value against the US dollar. That would send the pound towards $1.10, a level not seen since 1985 (the year of the Miners’ Strike, and the launch of the battery-powered C5 vehicle).
• UK growth would slow sharply. HSBC sees 1.5 percentage points being knocked off the GDP growth rate in 2017. That would wipe out almost all the expected growth.
• Inflation would spike. Imported goods would be more expensive, due to the weak pound, and the Bank of England would be reluctant to raise interest rates.