Sunday, 05 August 2018 13:04

MAY MUST NOT IGNORE WARNINGS OF NO-DEAL BREXIT

LIAM FOX SAYS CHANCE OF NO-DEAL 'GROWING'

The SNP has said Theresa May can not continue to shun warnings over a ‘no-deal’ Brexit, following comments from Liam Fox who has said the chance of a ‘no-deal’ is growing.

The International Trade Secretary put the odds of the UK government failing to come to an agreement when the UK leaves the EU at “60-40.”

It follows remarks by Foreign Secretary Jeremy Hunt who stated that the likelihood of a no-deal Brexit was “increasing by the day.”

The Governor of the Bank of England, Mark Carney, has also said that the possibility of a no-deal Brexit outcome is "uncomfortably high" and "highly undesirable.”

A report published by the Institute of Directors (IoD) highlighted that one in five businesses would seriously consider leaving the UK and relocating to the EU if negotiations deteriorated.

The director general of the IoD, Stephen Martin, added that “When it comes to knowing what to plan for and when, firms have been left in the dark.”

Recent analysis published by the National Institute of Economic and Social Research revealed that a no-deal Brexit would hit the economy to the tune of £800 per head per year in lost output. The findings also showed that the Prime Minister’s Chequers plan would cost the UK economy £500 per head per year.

Commenting, SNP Foreign Affairs spokesperson Stephen Gethins MP said:

“First it was Mark Carney, then Jeremy Hunt and now Liam Fox is saying we are likely facing a ‘no-deal’ scenario when the UK leaves the EU. Theresa May must heed the warnings on what that would mean for the UK economy, jobs and livelihoods.

“The reality is that despite the mounting economic evidence from businesses, banks, and devolved governments, Theresa May is intent on pandering to her party’s extreme Brexiteers and leading the UK off the cliff-edge.

“The Tory government’s chaotic handling of the Brexit negotiations, and its ideological red lines, have resulted in small and large businesses already having one foot out the door.

“With eight months left before the self-imposed Brexit date, the UK government must commit to remaining in the single market and customs union. There is still time for the government to take a step back and work with the business community and devolved governments to pursue an outcome that safeguards our economy, jobs and living standards."

Brexit to cost £800 each
http://www.irishnews.com/business/2018/08/01/news/a-no-deal-brexit-would-cost-us-800-each-warns-think-tank-1396150/

Government leaving businesses 'in the dark' over lack of no deal Brexit planning, say bosses: https://www.politicshome.com/news/uk/foreign-affairs/brexit/news/97355/government-leaving-businesses-dark-over-lack-no-deal

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