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Brexit is on course to chop UK trade by 15 per cent, the federal government’s impartial monetary watchdog has warned.
Vote Leave campaigners argued that British trade would obtain a lift from exiting the European Union in the run as much as 2016’s referendum.
But in paperwork revealed alongside Rachel Reeves’ Budget the Office for Budget Responsibility (OBR) mentioned 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.”
The figures led to claims that Brexit was the “elephant in the chancellor’s study”.
The prime minister has mentioned that he desires to reset the UK’s relationship with the EU, fixing it for the profit of “generations to come”.
But Labour has particularly dominated out any return to the EU’s customs union or single market, regardless of calls to go additional and quicker with the plans, amid warnings over the cost of Brexit to the broader economic system.
SNP MP Stephen Gethins mentioned: “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.”
Brexit is “elephant in the chancellor’s study”, he added.
Dr Mike Galsworthy, chair of European Movement UK marketing campaign group, mentioned: “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.
He added: “It is now reckless to disregard the extreme harm that continues to be accomplished to the general public funds. It has lengthy been draining the monetary and social wellbeing of each single one of us – and but utterly ignored as if it doesn’t exist.
“This absurd scenario has to finish. We should now have a forward-facing public inquiry into the true cost of leaving the European Union and the probabilities for repairing the scandalous destruction that has been accomplished.”
The Treasury has been approached for remark.
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