When I was a project manager, even on comparatively minor projects we always carried out a risk analysis. It's what project managers do. Often we "brain dumped" them with all stakeholders and explored (and recorded) all and any concerns, including the extreme and sometimes bizarre, and came up with a likelihood score and a mitigation.
To be fair, this document is headed "HMG Reasonable Worst Case Assumptions", and as such is just that. A list of worst case assumptions, not a prediction. It's probably a small part of a massive planning document.
Of course it's bound to be presented somewhat out of context by the press. I'd call it sensationalism but others use the term Project Fear - and in this case I'd have to agree, to some extent.
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