New study finds
Britain could be lose up to £70bn if it leaves the Single Market after Brexit thanks to slower growth, the Institute for Fiscal Studies has found.
Remaining in the Single Market could see Britain’s national income go up by four per cent, this is equal to two years’ worth of growth.
The report said that Britain has “big choices to make” as leaving the EU came with its advantages including freeing the UK from an estimated £8bn a year of budget contributions.
Ian Mitchell, research associate at the IFS and an author of the report, said: “There is all the difference in the world between ‘access to’ and ‘membership of’ the single market.
“Membership is likely to offer significant economic benefits particularly for trade in services.
“But outside the EU, single market membership also comes at the cost of accepting future regulations designed in the EU without UK input.”