Leaving the European Union will cost the British economy £105 billion over ten years, worth £1,585 for each member of the population, a report by the RAND Corporation released today has found.
They also say the impact of a UK-US free trade agreement would be “trivial” compared to the damage the British economy would sustain through a hard Brexit.
Commenting, Peter Kyle MP, leading supporter of Open Britain, said:
“Far from making us better off, the Brexit path the Government is taking us down is in fact the biggest threat we face to our economic prosperity, with growth already slowing and prices rising.
“The fantasy that we can leave the Single Market and the Customs Union, but maintain the ‘exact same benefits’ of both as David Davis has promised, is completely deluded. And as this report makes clear, a trade deal with Trump’s America can never come close to replacing the trade we currently do with Europe. Brexit will not give us a closer relationship with the United States, as President Obama pointed out.
“As these and other new facts come to light about how damaging and complicated Brexit really is, it is right that people keep an open mind about whether the costs are worth it.”
Notes to editors:
The RAND Corporation report is reported here: https://www.theguardian.com/politics/2017/dec/12/no-deal-brexit-cost-everyone-uk-1585-us-thinktank