Tuesday, 22 May 2018 14:30



The SNP has said Tory plans for a hard Brexit are already “hitting families in the pocket” – as Bank of England Governor, Mark Carney, told MPs Brexit had lowered the UK's GDP by up to 2% and left households £900 worse off than they would have been if Brexit was not happening.

Giving evidence to the House of Commons Treasury Select Committee, Mark Carney also said that, unlike the UK, European economies were “much, much stronger than they were previously”.

Stewart Hosie MP, Treasury Select Committee member, renewed SNP calls for the UK to remain in the single market and customs union to avoid economic catastrophe – warning Tory and Labour plans to drag the UK out of the world’s largest single market would cost jobs and prosperity.

Commenting Brendan O’Hara MP said:

“Tory plans for a hard Brexit are already hitting families in the pocket, and leaving the whole of the UK poorer and worse off.

“These stark warnings from the Bank of England Governor underline the devastating impact that Brexit will have on jobs, incomes, and living standards for decades to come.


“The impact for Argyll and Bute could be catastrophic, we didn’t vote for any of this.  We’re nearly two years on and still have no clear vision of what a post-Brexit UK will look like.  Instead, we’re relying on expert opinion out with the UK Government and their assessment is damning.

“Short of staying in the EU, as Scotland voted overwhelmingly for, remaining in the single market is the only way to protect jobs and prosperity - and avoid economic catastrophe.  

"It is time for the Tories and Labour to ditch their damaging hard Brexit obsession and put the interests of the country first.”

Treasury Select Committee: https://parliamentlive.tv/Event/Index/eecf04de-8031-4d4b-9671-faf5cb7e29cb

Mark Carney, Bank of England Governor: “If you look at where the economy is today, relative to that forecast, it’s more than 1 percent below where it was despite very large stimulus provided by the Bank of England, a fiscal easing by the government, and global and European economies, which are much, much stronger than they were previously… If you adjust for those factors, the economy is about one and three-quarters – one and half, one and three-quarters, up to two percent - lower than it would have been… Real household incomes are about £900 per household lower than we forecast in May of 2016, which is a lot of money.”

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