Author Topic: The Brexit  (Read 11118 times)

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Offline thaiga

Hard Brexit would damage 'almost every sector' of UK economy

Leaving the single market would be damaging to almost every sector of the British economy from manufacturing and energy to retail and financial services, according to a new report commissioned by an alliance of Tory, Labour and Liberal Democrat politicians trying to stop a hard Brexit.

The study, by the Centre for Economics and Business Research, found every major wealth-creating sector would be affected negatively, with manufacturing hit if there are tariff barriers to EU trade and the creative industries suffering a “body blow” if there were strict controls on immigration.

The report examines the consequences of leaving the single market in favour of a free trade agreement struck on a bespoke basis for individual industries.

Theresa May has hinted she favours this so-called “sectoral” approach but the CEBR report warns that “all major sectors are linked to the EU and could be harmed if the UK government sought a free trade agreement which prioritised some sectors over others”.

 The release of the report comes at a time of growing mobilisation among MPs and political figures trying to stop the UK heading for a clean break with the EU single market and customs union, which is favoured by the most Eurosceptic cabinet ministers and leading Brexit campaigners such as Michael Gove.

For the first time since the referendum, MPs from across the parties – Tory Anna Soubry, Chuka Umunna of Labour and Nick Clegg from the Liberal Democrats – will appear together at an Open Britain event, pushing for continued membership of the single market.

Soubry will accuse those backing of a sector-by-sector deal of pursing a “simplistic fantasy”.

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