The UK chancellor, who has repeatedly said that British people “did not vote to be poorer”, admitted ahead of the government’s economic assessments of Brexit that living standards were likely to be hit.
“If you look at this purely from the economic point of view, there will be a cost to leaving the EU because there will be impediments to trade,” Mr Hammond told the BBC’s Today programme.
Seeking to minimise the impact of the government’s own assessment of the pact, he added that “the prime minister’s deal minimises the economic impact while providing political benefits”.
“The economy will continue to grow so this is a very modest impact on the overall size of the economy,” Mr Hammond said. [...]
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HM Government EU exit Long-term economic analysis
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