May sensing danger of sleepwalking towards a hard Brexit

Commenting on a range of economic figures highlighting the benefits of membership of the Single Market and the Prime Minister’s change of tone on the subject between Sunday and today, Pat McFadden MP, supporter of the Open Britain campaign, said:

“Brexit hasn’t happened yet so no-one should read too much in to any single set of figures.

“However, a plummeting pound; slower growth warnings; and the potential loss of billions in tax revenue underline the real danger of sleepwalking towards a hard Brexit.

“Any one of these warnings could have caused the Prime Minister to row back on her own speech on Sunday and be more positive about the Single Market today.

“Membership of the Single Market means more jobs, more investment and more to spend on public services.

“Hard Brexit ideologues should be resisted. All those who believe that the advantages of the Single Market are vital for jobs, trade and investment should stand up and be counted.”

Notes

Bloomberg are reporting that an upcoming study by Oliver Wyman on behalf of TheCityUK will warn that 70,000 jobs and £10 billion of tax revenue are at risk from a hard Brexit: http://www.bloomberg.com/news/articles/2016-10-04/global-banks-fight-back-on-brexit-warning-51-billion-at-stake

The IMF have downgraded the UK’s growth forecast for next year: http://www.bbc.co.uk/news/business-37552076

Sterling also hit a record 31-year low against the dollar today: http://uk.reuters.com/article/uk-global-forex-idUKKCN12407Z?type=GCA-ForeignExchange



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