Brexit is already costing public services more than £350 million a week, Lib Dems find

Boris Johnson speaks to employees during a visit to Reid Steel, Christchurch in front of the £350m message.(Ben Birchall/PA) - Credit: PA Archive/PA Images

Brexit is taking more £350 million a week from public services – the same figure that Brexiteers claimed would be spent on the NHS instead if a Brexit vote happened.

The Lib Dems have based the figure on the Institute for Fiscal Studies’ (IFS) reporting, which appears to show Brexit is costing the government between £380 and £470 million a week.

The IFS estimated that GDP is now £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 those 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.

Shadow chancellor Ed Davey said that “”Boris’s lie on the side of a bus was an even bigger whopper than we thought.””Not only does Brexit not mean an extra £350 million a week for the NHS, it actually means £350 million a week less – and that’s before we’ve even left,” he explained.

“If Boris Johnson wins a majority on Thursday, his disastrous hard Brexit will suck even more money out of our economy and our public services. Only the Liberal Democrats can win seats from the Tories and deny Boris a majority.

“That’s why every vote for the Liberal Democrats is a vote to stop Boris, stop Brexit and invest the £50 billion Remain Bonus from higher economic growth to build a brighter future.”