Streeting – IFS report shows that Government’s hard Brexit path will leave people poorer

Leaving the Single Market and the Customs Union could reduce UK GDP by 3% by 2030, a report by the Institute for Fiscal Studies says today.

In a new report, they say that even a free trade agreement and a transitional arrangement would cut UK GDP by 3%. Failing to secure a free trade agreement and moving onto WTO trading terms would, they say, be “worse still.”

Commenting, Wes Streeting MP, supporter of Open Britain and member of the House of Commons Treasury Select Committee, said: 

“Experts calculate that the Government’s chosen hard Brexit path will leave people poorer. They have no mandate to pursue a hard and destructive Brexit, and are not being upfront with people about the potential costs.

“The Government have promised to deliver a new trade arrangement with the EU that delivers the exact same benefits as Single Market and Customs Union membership. Today’s IFS report shows how much the country stands to lose if the Government fails to live up to that promise.”

/ends

Notes to editors:

 

A YouGov poll commissioned by Open Britain has found that most voters, including half of Leave voters, are not prepared to be a penny worse off as a result of leaving the European Union: http://www.open-britain.co.uk/miliband_new_poll_shows_government_faces_almighty_backlash_from_leave_voters_if_brexit_leaves_them_poorer.