Brexit deal would swipe £1,100 from every person in UK annualy, report

LONDON, 31 Oct. - (ANA) - The British Prime Minister Boris Johnson’s Brexit deal would swipe £1,100 from every person in the country every year, according to a devastating new economic analysis.

The annual loss from pulling the UK out of the EU single market and customs union – around £70bn a year – would be the equivalent of the entire output of Wales, it has concluded.

The damage would be so great that the UK would be better off continuing with the huge economic uncertainty from the ongoing Brexit crisis, the National Institute of Economic and Social Research said.

Annual government borrowing would balloon to also around £70bn – or 3 per cent of GDP – taking the UK back to a deficit level not seen since about 2014.

The respected think-tank also said its conclusions hinted at the reasons behind the refusal by Sajid Javid, the chancellor, to publish the Treasury’s economic forecasts for the agreement.

NIESR has concluded lost trade and lower migration will hit productivity, delivering the 3.5 per cent annual GDP loss within 10-15 years of Brexit going ahead.

That will be piled on top of a £50bn loss since the Brexit referendum nearly three-and-a-half years ago, which has cut 2.5 per cent from national output.  - (ANA) -
 
AB/ANA/31 October 2019 - - -