Public finances are already £440 million a week worse off!
New analysis by the Centre for European Reform (CER) shows that there is no ‘Brexit Dividend’ (1)
In fact, rather than benefiting from Brexit, the UK economy is already 2.1% smaller as a result of the vote to leave, with a direct hit to public finances of £23 billion per annum or £440 million a week.
This economic damage means the Treasury has less money to spend on public services, and shows that the idea that Britain will enjoy a “Brexit dividend” when it no longer has to contribute to the European budget, is complete nonesense.
“Two years on from the referendum, we now know that the Brexit vote has seriously damaged the economy,” said CER Deputy Director John Springford, author of the study. “We know that the government’s Brexit dividend is a myth: the vote is costing the Treasury 440 million pounds a week, far more than the U.K. ever contributed to the EU budget.”