[...] Hammond’s department released a letter from the chancellor to Nicky Morgan, chair of the treasury select committee.
He highlighted Whitehall forecasts from earlier this year, suggesting the hit to economic growth if Britain left without a trade deal would force the Treasury to borrow an extra £80bn over the next decade.
“Chemicals, food and drink, clothing, manufacturing, cars, and retail were estimated to be the sectors most affected negatively in the long-run, with the largest negative impacts felt in the north-east and Northern Ireland,” Hammond wrote.
Morgan said: “The Chancellor has confirmed that the Government forecasts a disastrous hit to our economy and living standards in the event of a ‘no-deal’ Brexit.”
Leavers reacted furiously. Jacob Rees-Mogg, chair of the European Research Group (ERG), said: “The Treasury and the chancellor want to undermine Brexit but their incessant scaremongering has led to the self-immolation of their credibility.” [...]
Full article on The Guardian
Letter from Chancellor of the Exchequer Philip Hammond to MP Nicky Morgan
© The Guardian
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article