We store cookies on your device to make sure we give you the best experience on this website. I'm fine with this - Turn cookies off
Switch to an accessible version of this website which is easier to read. (requires cookies)

Brighton and Hove Liberal Democrats

A ‘no deal’ Brexit will cost the Brighton and Hove economy nearly £2 billion over the first 5 years after we leave

October 28, 2017 9:00 AM

New research by the LSE's Centre for Economic Performance and the Liberal Democrats has revealed just how damaging a no deal Brexit will be to our City.

A no deal Brexit will mean an economic hit of £1.96 billion to over the first five years after we fall out of the EU.

David Davis and other members of the cabinet have recently been talking up a no deal Brexit, but this data shows 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.

Local LibDem Parliamentary Candidate Carrie Hynds said:

"These figures are 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 would cost Brighton and Hove a ruinous £1.96 billion over five years. Even a relatively soft Brexit could cost the City over £1 billion in lost economic activity.

"The government must rule out a no-deal to end the uncertainty and confirm its commitment to stay in the single market and customs union.

"Once the negotiations are over the people must be a given a say on whether we accept the deal on offer. The LibDems are the only party that offers the country an 'Exit From Brexit'."