The Chancellor, Philip Hammond, today sent a letter to the Chair of the Treasury Committee, Nicky Morgan, in which he admitted that a no deal Brexit would have “large fiscal consequences” including that “borrowing would be around £80 billion a year higher…by 2033/34”.
Commenting, Chris Leslie MP, former Shadow Chancellor and leading supporter of the People’s Vote campaign, said:
“On the same day the Brexit Secretary was desperately trying to play down the risks of no deal, the Chancellor has fired off a Brexit bazooka by admitting that no deal would mean £80 billion in extra borrowing or cuts each year by 2033.
“What the letter from the Chancellor didn't say is that any Brexit deal will cause serious economic damage and will mean less money for public services, including the NHS. This Government is being pulled apart at the seams by Brexit, but it’s the country that will ultimately pay the price when it all falls apart.
“But rather than letting this disaster be imposed upon us by Government ministers, it’s time to demand a People’s Vote. Because Brexit is a big deal, but it’s not a done deal.”
Notes to editors
The full letter from the Chancellor can be read here: https://twitter.com/TomBoadle/status/1032647871139602433