The National Institute of Economic and Social Research (NIESR) has calculated the price of the Chequers’ proposals and said the Brexit will cost people £500 per year, and no-deal Brexit will cost £800 that would weaken economic ties.
It comes out after Jeremy Hunt stated that the UK would crash out of the EU without deal if Brussels doesn’t change course, and it’s “a real risk”. The NIESR has warned the UK economy would grow to its weakest rate though it may retain full access to the EU for its services and goods.
However, the white paper that followed Chequers just want to protect goods by saving alignment with the EU and exclude services while it makes 80 percent of the UK economy. In this regard, the UK’s service industries have attacked the proposals.
The NIESR said: “The output loss will amount to £500 per person per year over time compared with the soft Brexit scenario. The loss would be around £800 under a ‘no deal’ Brexit. These estimates do not include the likely impact on productivity which could, on some estimates, double the size of the losses.”
The Liberal Democrat leader has mentioned that according to these figures people would be worse off when the UK leaves the EU. He added that people don’t deserve to be punished due to the Conservatives mess.