No-deal Brexit could cost UK economy 9.3% of GDP over 15 years
(VOVWORLD) - A new analysis from the UK government released Wednesday warned that a no-deal Brexit could leave the British economy 9.3% smaller in 15 years than it would be if Britain remains in the EU.
 A no-deal Brexit could cost UK economy 9.3% of GDP over 15 years (Photo: VNA) |
It also said that even if a Brexit deal is signed, the UK economy will still suffer. If frictionless trade and the freedom to travel remain the same, the UK will see growth 0.6% lower than if it remained in the EU. GDP could shrink by 2.1% if free travel between the UK and the EU changes.
The analysis was produced by government departments, including the Treasury, the Home Office, and departments for industry, the environment, and international trade.
On Wednesday, Prime Minister Theresa May ruled out a second Brexit referendum, saying it would be a "gross betrayal" of democracy.