THE Welsh Liberal Democrats have revealed that Brexit is already costing the UK Government £380–470 million a week – money that could have been spent on public services instead.
The Institute for Fiscal Studies (IFS) has estimated that GDP is £55–66 billion lower this year than it would have been without Brexit, mainly due to uncertainty deterring business investment. Business investment in the UK has fallen by 3% since the end of 2017, whereas other G7 countries have seen it grow.
Based on the IFS figures, the Liberal Democrats have calculated that public sector receipts (which are 37% of GDP) are £20.3–24.3 billion lower this year than they would have been, which equates to £380–470 million a week.
Commenting on the figure, Welsh Liberal Democrat Leader Jane Dodds said:
“Despite what was emblazoned on the side of a bus, this new evidence shows that Brexit actually means we’re £350 million a week worse off – and that’s before we’ve even left.
“Four years of repeated Conservative cuts have left Wales without the money we need to properly fund our public services and local government. A hard Brexit, which the Conservatives have committed themselves to, will only make the situation worse.
“If Boris Johnson wins a majority on Thursday, his damaging hard Brexit will sap even more money out of our economy and out of Wales.
“Every vote for the Welsh Liberal Democrats on December 12th is a vote to stop Boris, stop Brexit and invest the £50 billion Remain Bonus to build a brighter future for our communities.”