Raymond Doherty 28 Nov 2018 05:25pm

All forms of Brexit will make the UK worse off

Economically the UK will suffer regardless of the Brexit deal agreed, according to the government’s own analysis

Under the deal prime minister Theresa May has agreed, which is widely expected to be voted down in Parliament, the UK economy would be 3.9% smaller after 15 years than it would staying in the EU, a risk assessment from the Treasury has said.

If the UK crashed out of the EU with no deal it would result in cause a 9.7% economic hit, it said.

The chancellor Philip Hammond told the BBC this morning that in “pure economic terms” the UK will lose out under every possible form of Brexit. “The economy will be slightly smaller in the prime minister’s preferred version of the future partnership,” he said.

In Prime Ministers Questions today, May defended her current deal, stating that “The analysis shows the deal we have negotiated is the best deal for jobs and the economy which delivers on the result of the referendum.”

In a further blow, separate analysis published today by the Bank of England forecast that the UK economy would plummet 8% in the event of a no-deal Brexit.

The Bank also warned that the pound would crash, inflation would soar and interest rates would have to rise if there was no deal.