Umunna – Brexit growth slump “shows no sign of ending”

The OECD’s Economic Outlook, published today, projects an increased rate of global economic growth but with a fall in the UK to just 1.4% this year (second lowest in the G20) and a further fall to 1.3% in 2019 (third lowest in the G20).

Commenting, Chuka Umunna MP, leading supporter of the People’s Vote campaign, said:

“The OECD are forecasting that the slump in growth caused by Brexit shows no sign of ending. The reality is that if we leave the EU, our economy will be badly hit for years to come. 

“Even before we have left, the threat of Brexit has damaged inward investment, shattered confidence in construction and wreaked havoc in retail: all key sectors in the British economy.

“Leaving the Customs Union and Single Market will spread the damage throughout the UK’s manufacturing and service sectors and will mean ordinary people paying the price for the ideological whims of the Brexiters.

“Brexit is a big deal, too big to ignore. That is why the demand for a People’s Vote on the final Brexit deal is growing all the time.”

/ends

 

Notes to editors

The OECD’s Economic Outlook can be read here: http://www.oecd.org/eco/outlook/economic-outlook/