New economic forecasts show importance of Single Market membership

Commenting on new economic forecasts released by NIESR and the CBI, Chuka Umunna MP, leading supporter of Open Britain, said:

“These figures are a mixed bag. It’s encouraging that our economy is forecast to continue growing into next year and beyond. But it’s clear some of the consequences of the referendum will have a real impact on peoples’ living standards, with inflation forecast to rise sharply and consumer spending power set to drop, partly due to the fall in the value of the pound.

“To minimise the damage to working families across Britain, the Government must focus on keeping us in the Single Market, to prevent a more severe economic shock that would put growth and jobs at risk.”