Leaked report: UK economy will be worse off after Brexit
30 Jan 2018 5:29 PM GMT
London: A forecast prepared for the British government reportedly says the economy will be worse off after the country leaves the European Union whatever trade deal is struck with the bloc.
The leaked assessment published on Monday by news website BuzzFeed says if Britain reaches a free trade deal with the EU, growth will be 5 per cent lower than current forecasts over 15 years.
The document, dated this month, says if there is no deal and Britain resorts to World Trade Organisation terms, growth will fall 8 per cent. If Britain remains in the EU single market but as a non-bloc member, the decline will be 2 per cent.
The government maintains that Britain will be able to strike new trade deals around the world after Brexit to replace any decline with the EU.
The report is the latest in a string of economists' predictions that leaving the EU will harm the UK economy. Supporters of Brexit point out that many such forecasts have so far not come to pass.
The document is likely to further inflame feuding within Britain's Conservative government.
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