Tuesday, 30 October 2018 17:57

TORY HARD BREXIT THREATENS "PROLONGED AUSTERITY" - IFS

UK SPENDING PLANS “OUT THE WINDOW” UNDER NO-DEAL SCENARIO 

The SNP has renewed calls on the Tories and Labour to immediately ditch their plans for a hard Brexit - following new warnings from the Institute for Fiscal Studies (IFS) that leaving the EU could result in another "prolonged period of austerity". 

Responding to the Budget, IFS director Paul Johnson today warned the UK economy faced “huge amounts of uncertainty... not least given Brexit" and said UK government spending plans would “go out of the window” in the event of a No-Deal Brexit - as they were based on a “fairly smooth, softish kind of Brexit”.

SNP Economy spokesperson Kirsty Blackman said short of staying in the EU, the only way to protect the economy, jobs and living standards was to remain in the single market and customs union - and called on the Tories and Labour to get behind the SNP's compromise plan.

Commenting, Kirsty Blackman MP said:

"The Tories and Labour must ditch their reckless plans for an extreme Brexit, which would cause decades of damage to the economy, jobs and living standards.

"People have suffered enough under years of Tory austerity cuts, and these warnings from the IFS underline exactly what's at stake in the event of a devastating hard or no-deal Brexit.

"The UK government's own analysis shows that leaving the single market and customs union could hit Scottish GDP by up to 9% - putting 80,000 jobs on the line, and costing Scotland up to £12.7billion a year, the equivalent of £2,300 for every person in the country.

"Short of staying in the EU, as Scotland voted overwhelmingly for, the best and only way to protect jobs and prosperity is to remain in the single market and customs union - which is eight times the size of the UK market alone. 

"With time running out it is now vital that Jeremy Corbyn and Theresa May finally come to their senses, join the SNP in defending our membership of the single market, and put the interests of the whole of the UK ahead of their narrow Brexit obsession."


Bad Brexit risks new round of austerity, IFS warns one day after Budget - https://www.standard.co.uk/news/uk/bad-brexit-risks-new-round-of-austerity-ifs-warns-a-day-after-budget-a3975516.html

Budget 2018: Philip Hammond has 'backed himself into a corner' if Brexit hits UK economy, says IFS - https://www.politicshome.com/news/uk/economy/economic-growth/news/99491/budget-2018-philip-hammond-has-backed-himself-corner-if

‘Hard Brexit would cost Scots £12.7billion’ - https://www.bbc.co.uk/news/uk-scotland-scotland-politics-42682253

‘Brexit could hit Scottish growth by 9%’ - https://www.bbc.co.uk/news/uk-scotland-scotland-politics-42977080

‘Fraser of Allander report: Brexit could cost 80,000 jobs’ - https://www.bbc.co.uk/news/uk-scotland-scotland-politics-37564729 

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