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

PUBLISHED: 08:45 10 December 2019 | UPDATED: 08:52 10 December 2019

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

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

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.

Become a Supporter

Almost four years after its creation The New European goes from strength to strength across print and online, offering a pro-European perspective on Brexit and reporting on the political response to the coronavirus outbreak, climate change and international politics. But we can only continue to grow with your support.

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."

Become a Supporter

Almost four years after its creation The New European goes from strength to strength across print and online, offering a pro-European perspective on Brexit and reporting on the political response to the coronavirus outbreak, climate change and international politics. But we can only rebalance the right wing extremes of much of the UK national press with your support. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.

Become a supporter

You've seen the news, now discover the story

The New European is committed to providing in-depth analysis of the Brexit process, its implications and progress as well as celebrating European life.

Try 13 weeks for £20

Latest Articles

Most Read

latest issue

ANTI-BREXIT EVENTS

Find your nearest pro-European campaigning activities, talks, protests and events nationwide.