OBR warns that Brexit has blown a hole in the UK economy

by the SNP
Posted on
2 months ago
2 min read

In the wake of damning criticism from the Office for Budget Responsibility (OBR), it’s clearer than ever that independence is Scotland’s only route back to EU prosperity and sustained economic growth.

In its analysis of the UK Budget, the Office for Budget Responsibility warned “UK trade intensity (exports plus imports divided by GDP) has not recovered in line with other G7 countries since the pandemic. We continue to expect that Brexit will reduce the UK’s potential GDP by 4% in the long run by lowering the trade intensity of the economy.”

Brexit has been a disaster for Scotland – and the OBR analysis shows it continues to blow a massive hole in the UK economy, costing Scotland billions of pounds in lost trade, investment and economic growth.

Neither Rishi Sunak nor Sir Keir Starmer can have any credibility on the economy, when they are both wedded to Boris Johnson’s disastrous Brexit, which is one of the biggest factors wrecking the UK economy and has set the UK on the path to long-term decline.

Living standards have fallen sharply, inflation continues to pressure hardworking families and this generation of young people is set to be the first in living memory to be worse off than their parents. It is clear that Westminster’s stale economic orthodoxy is utterly broken – and neither Starmer or Sunak have the courage or will to change it.

The SNP is the only party offering people in Scotland the opportunity to rejoin the EU – and it’s clear that independence is Scotland’s only route back to EU prosperity and sustained economic growth.

The damage of Brexit shows why it is essential to vote SNP at the next general election, to stand up for Scotland’s values, defend Scotland’s interests and offer the choice of a better future with independence.