Tuesday, 08 October 2019 09:08

NEW REPORT: BREXIT HAS ALREADY COST UK £60BN

TORY NO-DEAL WOULD PUSH UK DEBT TO 50-YEAR HIGH‬

The SNP has said the Tory government is “recklessly endangering” Scotland’s economy, after a new report found the UK is already £60billion worse off as a result of Brexit before we have even left the EU - with the UK economy 2.5-3% smaller than it otherwise would have been.‬

The report by the Institute for Fiscal Studies (IFS), published today, also warned Tory plans for a no-deal Brexit could push UK debt to its highest level since the 1960s, with borrowing likely to double to £100bn and total UK debt soaring to 90% of national income even under the least worst form of no-deal.‬

Christian Schulz, the chief UK economist at Citi, which contributed to the report, said business investment is now up to 20% lower than it otherwise would have been, and said "remaining in the EU would be the best scenario for economic growth”. ‬

SNP Economy spokesperson, Kirsty Blackman MP said it was “utterly shameful” Scotland’s economy faced a body blow under extreme Tory Brexit plans, with people in Scotland already left poorer - even though Scotland voted overwhelmingly to remain in the EU.‬

Commenting, Kirsty Blackman MP said:‬

‪“Any form of Brexit will be devastating for Scotland - costing jobs and damaging living standards. The Tory government is recklessly endangering Scotland’s economy with its catastrophic plans for an extreme Brexit.‬

“It is utterly shameful that people in Scotland are already billions of pounds poorer as a result of Brexit, before we have even left the EU - and despite Scotland voting overwhelmingly to remain.‬

“Scotland has been completely ignored by Westminster throughout the Brexit process and Boris Johnson’s plan to crash us out of the EU on 31st October would deal a body blow to Scotland’s economy - threatening a recession and risking 100,000 Scottish jobs.‬

“With Westminster failing Scotland so badly, it is clearer than ever that the only way to properly protect our interests and economy is to become an independent country.‬

“It is vital that opposition parties move to swiftly bring this Tory government down, secure an extension and call an election. The SNP will put Scotland’s opposition to Brexit and our right to choose our own future as an independent country at the heat of that contest.”‬


No-deal Brexit would push UK debt to 50-year high, says think tank -https://www.bbc.co.uk/news/business-49961301‬

Brexit: Choosing to quit EU ‘left economy £60bn smaller’  -  https://www.thetimes.co.uk/edition/news/brexit-choosing-to-quit-eu-left-economy-60bn-smaller-vqzl5x099

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