As a leaked government analysis suggests, leaving the EU will severely damage the Britain’s economy. Every existing option and solution for Brexit, will hurt Britain. According to the report, ‘EU Exit Analysis – Cross Whitehall Briefing’, Britain is going to face a difficult situation.
As it’s represented in the report obtained by Buzzfeed, Britain’s growth would be 5% lower over the next 15 years, if a free trade agreement be signed. And if there wouldn’t be any free trade agreement, the growth will be 8% over the next 15 years. If Britain continue the single-market through membership of the European Economic Area (EEA), it lower the growth by 2%.
Leaked paper…Brexit could chop 8% from growth! Wow! That’s really something to get behind, Theresa, well done! And Jezza, just think you’ll have absolutely zilch for all those projects of yours. What a couple of dolts! #StopBrexit
— Son of Robespierre (@sonofr) January 30, 2018
The report which was prepared by Whitehall officials for the Department for Exiting the European Union (DExEU), won’t be published for public “because it’s embarrassing.” Every UK regions including the North East, the West Midlands, and Northern Ireland will also face economic oppression. “Non-tariff barriers” will be created by leaving the single-market.
However, the damages will decrease if UK remains in the single market via the EEA. At least, any impact may be offset through domestic policy or trade deals with the United States or other countries. Trade deals with other countries especially the non-EU countries, would decrease the losses which were caused by leaving the single market.
One more thought on the #Brexit Economy analysis leaked to Buzzfeed.
This was NOT from Treasury Or Team Hammond.
This was DexEU analysis. A department captained by @DavidDavisMP – an arch Brexiteer.
It comes from one of their own. As a warning to their own: tread softly.
— Peter Foster (@pmdfoster) January 30, 2018
However, it would be hard for Britain in the current set of rules and standards. Especially after the Brexit Secretary David Davis tried to deceive the public in 2016 over what economic impact studies the Tory government had obtained. When he was asked to publish the analysis he said that there were no study at all.