Home Business NewsBusiness Leaked papers show Hard Brexit will cost Britain £66bn

Leaked papers show Hard Brexit will cost Britain £66bn

by LLB Reporter
11th Oct 16 10:42 am

New twist in Brexit saga

A hard Brexit will cost Britain £66bn annually, leaked Treasury papers have shown.

Leaving the Single Market could cause the value of pound to drop by 9.5 per cent, the draft paper seen by The Times showed.

The documents says: “The Treasury estimates that UK GDP would be between 5.4 per cent and 9.5 per cent of GDP lower after 15 years if we left the EU with no successor arrangement, with a central estimate of 7.5 per cent.”

It adds: “The net impact on public sector receipts – assuming no contributions to the EU and current receipts from the EU are replicated in full – would be a loss of between £38 billion and £66 billion per year after 15 years, driven by the smaller size of the economy.”

Conservative former minister Anna Soubry, a supporter of the Open Britain campaign, said: “The horrific damage of a hard Brexit is clear. Less tax revenue means less to invest in schools and hospitals, lower trade and investment means businesses and jobs at risk.

“This danger is precisely why Parliament must be involved in the principles to guide the Brexit negotiations.

“Britain will leave the EU, but we must do so in a way the protects our prosperity and reduces risk. The Government should now make clear the ‘WTO option’ isn’t on the table.”

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