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The Office for Budget Responsibility has predicted that Brexit will slash UK trade by 15 per cent.
Yesterday, the independent watchdog said that “weak growth in imports and exports over the medium term partly reflect the continuing impact of Brexit, which we expect to reduce the overall trade intensity of the UK economy by 15 per cent in the long term.”
Despite this, Sir Keir Starmer has previously confirmed that his government won’t take the UK back into the single market. However, the prime minister has promised to work closer with the EU.
Earlier this month, he said: “Better co-operation with the EU will deliver the benefits the British people deserve – securing our borders, keeping us safe and boosting economic growth.”
SNP MP Stephen Gethins told The Independent: “At a time when the chancellor is talking about deficits the OBR is releasing figures illustrating the appalling impact of Brexit. It has been devastating for our businesses, public sector and overall economy.
“Reversing, rather than embracing, a hard Tory Brexit, is the single biggest action the chancellor could take today to boost growth and the Treasury’s finances.”
Dr Mike Galsworthy, chair of the campaign group European Movement UK, added: “These latest figures from the independent OBR on UK trade are just the latest confirmation of what we already knew. Brexit does not work for working people.
“It can’t be made to work, and can’t be forced to work. Red-tape is having a crippling impact on our economy, especially UK businesses with supply chains that depend on the EU. The government must capitalise on their reset of our relationship with Europe and deliver long-term stability for UK businesses.”
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