Britain’s economy loses $74 billion due to Brexit

Britain’s economy loses $74 billion due to Brexit

access_time2019-10-09 13:52:23

During the process of leaving the EU, the country’s economy shrank by 2.5-3%. In the case of Brexit without a deal, the country’s debt will rise to its highest in half a century.

Due to the process of the UK’s exit from the European Union, the country’s economy shrank by 2.5-3% and lost £60 billion ($73.8 billion). This is stated in the report of the Institute for Fiscal Studies, reports the press service of the Scottish National Party. According to the research, the British government’s plans to implement Brexit without a cooperation agreement with Brussels can increase the national debt to a 50-year high, which is likely to double to 100 billion ($123 billion).

One of the report’s authors, Citi chief economist Christian Schulz, pointed out that investment in British business had fallen by 20% due to Brexit. He also noted that “staying in the EU would be the best scenario for economic growth.”

Earlier, Prime Minister Boris Johnson compromised on Brexit. Johnson said he would not carry out checks on the border between the Republic of Ireland and Northern Ireland. He stressed that this is a compromise on the part of the UK.

Later in the European Commission, Johnson’s “compromise” on Brexit was called “controversial”. Juncker noted the positive developments in Johnson’s proposals, but they still have “controversial moments” regarding the backstop and the border between Ireland and Northern Ireland.


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