Brexit will inevitably leave Britain worse off than had it remained in the EU, the UK Chancellor Philip Hammond.
“Remaining in the EU would be a better outcome for the economy, but not by much” – Chancellor Philip Hammond says Theresa May’s #Brexit deal “is very close” to the economic benefits of being in the EU
The UK government release new economic assessments showing all Brexit outcomes will leave Britain worse off than remaining in the EU.
The Chancellor Philip Hammond says that “purely from an economic point of view” it would be better to remain
However, he says the government may have to reconsider leaving the Single Market if May’s deal is defeated in Parliament.
Hammond has been quoted as saying “when the British people voted [in the EU referendum] they did not vote to become poorer.”
The government hoping to release official assessments showing that the UK economy will be hit hard,if Brexit pull through.
The assessment will show that leaving the EU without a deal would cost the British economy £150 billion over 15 years.
Other assessment will also reveal the following;
GDP will be 1-2 percent lower, if Brexit takes place, after 15 years under May’s deal.
A Norway-style relationship would leave Britain 1.4 percent worse off.
A Canada-style free trade deal would leave GDP 4.9 % lower than if Britain had remained.
A no-deal scenario would leave GDP 7.6% lower than remainin in the EU over 15 years.
Hammond said on Tuesday, that there would inevitably be a cost to any form of Brexit.
“Purely from an economic point of view there will be a cost to leaving the European Union,” Hammond said.
“If you look at this purely from an economic point of view there will be a cost to leaving the European Union because there will be impediments to our trade.”
“If that is rejected then we will have to review the options,”
“We will have to look at the parliamentary arithmetic and see what is the best way to proceed.”
He reiterated that remaining in the Single Market would leave Britain at an “economic advantage.”
“If you look purely at the economics, then remaining in the Single Market would give us an economic advantage yes,” he said.
Hardline Brexiteers in Hammond’s Conservative party accused the Treasury of seeking to undermine Bre
Some of the staunch Brexiteers in conservative party have expressed dissatisfaction over the development.
Former Brexit minister Steve Baker had this to say,
“The reputation of government economics is in the gutter. That must change. It’s time for the Chancellor to publish all his assumptions and full model documentation so we can begin the process of recovery,”
“We’ve all had about enough of Project Fear,” former International Development Secretary Priti Patel said.
“We were told during the referendum campaign that we’d each lose £4,300 and that there would be a recession and higher unemployment. And yet we’ve seen record wage growth and record employment levels.
“If ministers spent time preparing for a no deal scenario, rather than dreaming up silly scare stories, we could all make a success of our post-Brexit future.”
Meanwhile ,the prime minister is pressing the case that her Brexit agreement is the only way to protect jobs and investment, while also avoiding the potential chaos of leaving the EU without a deal.
Mrs May responded to US President Donald Trump on Tuesday, as he suggested the terms of her settlement would hamper the UK’s ability to sign a post-Brexit trade deal with the US.
Woody Johnson, the US ambassador to the UK, has since told the prime minister that Brexit is a matter for the British people to decide.