Brexit 'No Deal' Could Cost City Economy PS7bn, Claims Report; Birmingham Will Be Worst Hit Area after Capital, Says London School of Economics

The Birmingham Post (England), October 26, 2017 | Go to article overview

Brexit 'No Deal' Could Cost City Economy PS7bn, Claims Report; Birmingham Will Be Worst Hit Area after Capital, Says London School of Economics


Byline: Jonathan Walker Political Editor jon.walker@trinitymirror.com

BIRMINGHAM would be the second most damaged economy in Britain after a hard Brexit, new research has claimed. The city's economy would lose PS6.82 billion over five years - a fall in economic output of 5.5 per cent.

The figures, by the Centre for Economic Performance at the London School of Economics, suggest how much the city's economy could shrink if the UK left the EU without a deal giving us full access to the Single Market and the Customs Union - a so-called "no deal" Brexit.

The UK could lose PS430 billion over five years, it says. The only place to suffer more than Birmingham would be London, claims the centre. In practice, it means businesses would do less work and employ fewer people.

Liberal Democrat leader Vince Cable seized on the figures to say ministers should commit to staying in the Single Market and customs union for the sake of Birmingham's economy.

He told the Birmingham Post: "This work by the London School of Economics brings out the extent to which Birmingham would be seriously damaged economically by a no-deal Brexit.

"These economic modelling exercises are necessarily approximate, but if anything they understate the damage once we take into account the knock-on effects. And the damage to cities such as Birmingham will hit the whole of the UK because it is so central to Britain's prosperity.

"The government must guarantee our membership of the single market and customs union. This is precisely why the Liberal Democrats, alone among political parties, are campaigning for an exit from Brexit by offering the people a vote on the final deal. If the government dispute the figures then I challenge them to publish their own figures which so far they are refusing to do by sitting on studies they have undertaken. …

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