From the Independent.
Forget Project Fear
We now have Project ABJECT TERROR!
British economy will suffer £252bn hit if Theresa May crashes UK out of the EU with no deal, analysis shows
Exclusive: Research – based on the Government’s own leaked analysis – is said to fully expose the 'Brexit black hole at heart of the economy'
The British economy will suffer a £252bn hit if
Theresa May carries out her threat to leave the
European Union with no deal, a new analysis of official forecasts shows.
A
no-deal Brexit would see
GDP plunge by more than a quarter of a trillion pounds over 15 years, according to the study shared with
The Independent.
Less damaging exit terms, under which Britain would secure a free trade agreement with the rest of the EU, would still result in national output being £131bn lower over the same period.
And even a Government U-turn – leaving the UK in the EU
single market and
customs union – would swipe £52bn from economic growth, the calculation says.
The
Best for Britain Group, which is campaigning to halt Brexit, said its research – based on the Government’s own leaked analysis – fully exposed the “Brexit black hole at heart of the economy”.
“Sadly, now we are seeing the economic analysis becoming project fact and it means that we are facing a massive Brexit blow,” said Lord
Mark Malloch-Brown, the organisation’s chairman."
This week, Theresa May’s spokesperson insisted the Prime Minister was committed to Brexit even if MPs vote down any deal she brings back, saying: “We are definitely leaving the European Union.”
Leaving with a Canada-style free trade agreement would see growth cut by 5 per cent which, the study says, which would mean a GDP loss of £130.8bn.
Meanwhile, staying inside the single market would reduce growth by 2 per cent – or GDP by £52.3bn, Best for Britain calculated.
Lord Mallach-Brown added: “This Government are not competent to deal with the challenges ahead. They are going to hit people in the pocket through their hapless handling of Brexit. Starkly, we are facing a Brexit bombshell for the economy.”
The organisation – which hit the headlines when it was revealed it is partly funded by billionaire financier
George Soros – also calculated the hit to the public finances implied by the Government’s analysis.
It found tax revenue would plunge by £82.4bn over 15 years under a no-deal Brexit, by £42.7bn with a free trade agreement and by £17.1bn if there is a “soft Brexit”.
The first figure is almost identical to that set out in the Whitehall papers, according to some MPs who viewed them, bolstering the case for the Best for Britain projections.
The document also set out which regions will be hit the hardest, with the Leave-voting North-east of England and West Midlands expected to be the worst affected.
In a further blow to the Government, it also warned that the gains from free trade deals with other big countries would fail to compensate – a boost of just 0.2 per cent over 15 years from a deal with the US, for example.
My goodness! of course by now none of us know truth from Fiction any more, do we?
Brexit looks Russian Roulette with only one EMPTY chamber in the Revolver