New research published by Open Britain shows Brexit has cost £940 million a month over the last year. The research has been published just as the Prime Minister has claimed Brexit will mean more money for Government spending.
Commenting, Chris Leslie MP, leading supporter of the Open Britain campaign, said:
“The Prime Minister is not being up front with the British people about the impact of Brexit on public services and she knows it.
“Her own Government’s analysis is clear that Brexit will mean slower growth, more borrowing and less money for public services like our NHS.
“The Governor of the Bank of England says it has already costs us £200 million a week in lost economic growth and we’ve gone from the fastest growing economy in the G7 to the slowest growing major economy on the planet since the referendum.
“New research from Open Britain’s has shown the extent of the true cost of leaving the EU, with money that could be going to the NHS or schools being lavished on preparing for Brexit.
“As new facts about the costs and risks of Brexit comes to light, we all have the right to keep an open mind on whether Brexit is right for Britain and on whether we should accept the deal Mrs May negotiates.”
Notes to editors
Open Britain’s research shows:
- £200m a week has been lost in economic growth every week according to Mark Carney - https://www.thetimes.co.uk/article/brexit-costs-200m-every-week-in-lost-growth-says-carney-mxr5cwkhf - a total loss over the last year of £10.4bn
- Looking additionally at Government spend on preparing for Brexit, then for the 2017/2018 financial period (essentially the 1 year from 29 March 2017 to 29 March 2018), we get a figure of £363.7m. This is taken from a report from the IFG https://www.instituteforgovernment.org.uk/sites/default/files/publications/cost-of-brexit-what-whitehall-spending-insight-final-vb_1.pdf who have calculated that since the Brexit vote, Government spend on Brexit has been just over £400m. (£363.7m = £400m – the amount spent from 23 June 2016 to 29 March 2017)
- The cost of relocating the European Medicines Agency, where the decision was taken post Article 50 triggering =£520m https://www.independent.co.uk/news/uk/politics/brexit-latest-news-european-medicines-agency-move-london-eu-cost-bill-520-million-nhs-europe-a7873226.html
- Cost of relocating the European Banking Agency, also post Article 50 triggering = €3m =https://www.fnlondon.com/articles/eba-brexit-relocation-20161213 = £2.6m
- Total cost of £11.286bn = £940m a month since Article 50 triggered