28/12/16 - Brexit Could Save £40 Billion A Year

GBP

In a report released yesterday morning the pro-Brexit change Britain group claimed the UK could save nearly £40bn a year if it left both the European single market and customs union in a "clean Brexit".

Change Britain, which is backed by a host of former Leave campaigners including Michael Gove, Nigel Lawson and Gisela Stuart, wants to cut loose from all EU regulations and has branded the move a "clean Brexit". The report forecasts that the UK economy would save £24billion but describes the estimate as "very conservative" and believes the extent of savings could stretch to £38.6billion.

The report follows comments from former Bank of England governor Sir Mervyn King who said Brexit would provide "real opportunities" for the UK providing we leave the single market. Theresa May's government is currently split over the question of whether or not to leave the single market. Supporters of a "soft Brexit" argue that by leaving the customs union and single market the UK could face huge losses in exports to the 27 EU countries, a scenario not taken into account in the Change Britain report. Britain exported £220bn worth of goods to the EU in 2015, while importing goods worth £290bn.
 

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