Saturday, October 28, 2017

A no deal Brexit would cost Neath Port Talbot £370 million


New research by the London School of Economics Centre for Economic Performance and the Liberal Democrats has revealed just how damaging a no deal Brexit will be to Neath Port Talbot.

A no deal Brexit will mean an economic hit of £370,000,000 to Neath Port Talbot.  

David Davis and other members of the cabinet have recently been talking up a "no deal Brexit", but this data show that the country simply couldn't afford it.

If the UK exits the EU in March 2019 without a deal, Britain's economic output (gross value added) in the five years after Brexit would be reduced by 5.3%, or £430 billion.

Even if the UK agreed to a Norway style arrangement with full single market access, this would still result in a reduction to five-year economic output of 2.9%, or £235 billion.

Liberal Democrat Spokesperson Frank Little said:

 "These figures a real indictment of the government's strategy. David Davis is still talking up the possibility of a no-deal Brexit, yet these figures suggest that this would cost Neath Port Talbot
 a ruinous £370m over five years. Even a relatively soft Brexit could cost the area £270m.
 
"The government must end the uncertainty and confirm its commitment to stay in the single market and customs union.
 
"The study suggests that, for Neath and Port Talbot, Mrs May's "clean break" would be devastating."
 
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