Britain will be economically worse off in any scenario outside the European Union, with a no-deal Brexit rendering GDP 9.3 per cent smaller than it would otherwise be in 15 years’ time, the government said Wednesday.
The government’s plans for post-Brexit ties with the European Union would still cost the economy around 3.9 per cent of gross domestic product over 15 years, a report by the Treasury found.
Finance minister Philip Hammond said the departure deal agreed on Sunday between Britain and the EU was the optimum way to minimise the cost of leaving the bloc.
The report comes as Prime Minister Theresa May takes the divorce deal to a sceptical Scotland, where the fishing industry is concerned about EU access to British waters.
May has less than a fortnight to convince hostile MPs to back the deal in a December 11 vote and avoid plunging Brexit into chaos, four months out from Britain’s March 29 departure date.
The…
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