Tory Philip Hammond has today claimed all UK regions will be “better off” under every Brexit scenario as he urged MPs to back the Government’s deal.
Source: Westminster Parliament
The UK Government’s own analysis indicates that withdrawal from the European Union under the Government’s plans could cut the UK’s GDP by up to 3.9% over the next 15 years. But leaving without a deal could deliver a 9.3% hit to GDP over the same period. It also indicates that the UK will be poorer in economic terms under any version of Brexit, compared with staying in the EU.
Source: UK Government
Chancellor Philip Hammond has himself previously acknowledged that all possible Brexit options will make Britain economically poorer, compared with remaining in the EU. He stated that in a “purely economic sense”, the UK will be worse off than if it stayed in the EU, as exiting will create “impediments to our trade”, and said that the UK would have a”slightly smaller” economy over the next 15 years.