by Leon Duveen on 31 October, 2017
New research by the LSE’s Centre for Economic Performance and the Liberal Democrats has revealed just how damaging a no-deal Brexit will be to Bassetlaw.
A no-deal Brexit will mean an economic hit of £430 million to Bassetlaw; that is nearly £3750 for every resident in the District.
David Davis and other members of the cabinet have recently been talking up a no-deal Brexit, but this data shows that the country simply couldn’t afford it.
If the UK exits the EU in March 2019 without a deal, Britain’s economic output (gross value added) in the five years after Brexit would be reduced by 5.3%, or £430 billion.
Even if the UK agreed to a Norway style arrangement with full single market access, this would still result in a reduction to five-year economic output of 2.9%, or £235 billion.
Local Liberal Democrat Parliamentary Spokesperson Helen Tamblyn-Saville said, ”These figures are a real indictment of the government’s strategy. David Davis is still talking up the possibility of a no-deal Brexit, yet these figures suggest that would cost Bassetlaw a ruinous £430 million over five years. Even a relatively soft Brexit could cost the area £270 million.
“The government must rule out a no-deal to end the uncertainty and confirm its commitment to stay in the single market and customs union.
“The study suggests that for Bassetlaw, no-deal would be devastating.”
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