{"id":74096,"date":"2018-04-23T01:00:32","date_gmt":"2018-04-23T01:00:32","guid":{"rendered":"http:\/\/www.bnreport.com\/uk-615m-worse-off-per-week-under-preferred-brexit-scenario-study-4\/"},"modified":"2018-04-23T01:00:32","modified_gmt":"2018-04-23T01:00:32","slug":"uk-615m-worse-off-per-week-under-preferred-brexit-scenario-study-4","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/uk-615m-worse-off-per-week-under-preferred-brexit-scenario-study-4\/","title":{"rendered":"UK \u00a3615M worse off per week under preferred Brexit scenario: study"},"content":{"rendered":"<p>The U.K.s preferred Brexit outcome will cost the exchequer \u00a3615 million a week in lost revenue and all four scenarios laid out by the government would leave the country worse off, according to a <a href=\"http:\/\/ourglobalfuture.com\/reports\/too-high-a-price-the-cost-of-brexit-what-the-public-thinks\/\" rel=\"noreferrer\" target=\"_blank\">study by the think tank Global Future<\/a> published Wednesday.<\/p>\n<p>The analysis used the governments own comprehensive assessment of the impact of Brexit, including the direct and indirect costs and benefits for public finances from likely increased barriers to trade as well as reduced contributions to the EU budget.<\/p>\n<p>Under a \u201cNorway model\u201d of European Economic Area membership \u2014 where the U.K. would stay in the single market and adhere to EU rules and regulations but leave the customs union \u2014 the study predicts the fiscal impact on the U.K. would be \u00a3260 million a week. The highest net loss would occur if there is no deal, forcing the U.K. to trade with the EU on World Trade Organization terms. This scenario is estimated at \u00a31.25 billion a week.<\/p>\n<p>A Canada-style free-trade agreement \u2014 in which the U.K. could move away from EU regulations but most tariff barriers would be avoided \u2014 would amount to a net loss of \u00a3875 million a week.<\/p>\n<p>The British governments preferred bespoke trade deal without single market or customs union membership would have a predicted negative fiscal impact of \u00a3615 million a week \u2014 amounting to 22 percent of what is spent on the National Health Services, according to the study.<\/p>\n<p>One of the most controversial parts of the Brexit referendum was the claim by Leavers that \u00a3350 million a week would be saved by leaving the EU, and that money could instead be spent on the National Health Service. The claim was plastered all over a bus that toured the country. That figure was questioned by the likes of the U.K. Statistics Authority and the Institute for Fiscal Studies, as well as the Remain camp. However, Foreign Secretary Boris Johnson said in January that \u00a3350 million \u201cgrossly underestimated\u201d the amount of money sent to the EU, which he said would rise to \u00a3438 million a week by the end of the transition period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.K.s preferred Brexit outcome will cost the exchequer \u00a3615 million a week in lost revenue and a..<\/p>\n","protected":false},"author":1,"featured_media":74097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-74096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK \u00a3615M worse off per week under preferred Brexit scenario: study - Business News Report<\/title>\n<meta name=\"description\" content=\"The U.K.s preferred Brexit outcome will cost the exchequer \u00a3615 million a week in lost revenue and a..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/uk-615m-worse-off-per-week-under-preferred-brexit-scenario-study-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK \u00a3615M worse off per week under preferred Brexit scenario: study - 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