The UK would be significantly worse off under all possible Brexit scenarios in 15 years’ time, according to a benchmark economic analysis produced by a range of government departments including the Treasury. The keenly anticipated document concludes that GDP would have been 0.6% lower under the Chequers plan in 2035-36 – although that has been ditched after a revolt from the Conservative right – and 7.7% lower in the event of the UK crashing out with no deal, when compared with the UK remaining in the European Union. Officials modelled every scenario across a range, comparing them in nominal terms. Under the worst-case, no-deal scenario, GDP would be 10.7% lower than if the UK had stayed in the EU in 15 years’ time, assuming there is no longer any net migration into the UK from the EU and European Economic Area (EEA) after Brexit. Before publication of the analysis, the chancellor, Philip Hammond, said the UK would be worse off in the future after Brexit, saying: “If you look at this purely from an economic point of view, yes there will be a cost to leaving the European Union because there will be impediments to our trade.” Remarkably, none of… Read full this story
- Boris Johnson Told Donald Tusk At The G7 That The UK Would Provide Brexit Proposals “Next Week.” It Didn’t.
- Specialist Reveals Core Issue of Row Between Enterprise, UK Govt Amid Brexit
- May wins support from divided UK government on Brexit plan
- Food shortages and troops on the streets: A no-deal Brexit nightmare?
- First case of Brexit psychosis diagnosed in Britain
- The UK government says its Brexit deal will hurt the economy
- Cabinet agrees Brexit plan after Chequers talks
- British troops on standby as government ramps up no-deal Brexit preparations
- Brexit: Desperate May to meet with Merkel, but EU leaders warn no renegotiation of deal
- Ireland worried about food shortages if no deal reached on Brexit
UK significantly worse off under all Brexit scenarios – official forecast have 306 words, post on www.theguardian.com at November 28, 2018. This is cached page on Travel Breaking News. If you want remove this page, please contact us.