A new report from the Institute for Fiscal Studies finds that No Deal would push UK debt to its highest since the 1960s.
Commenting, Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy Committee and leading supporter of the People’s Vote campaign, said:
“We now clearly see the catastrophic economic cost of Boris Johnson’s Brexit. Decades of lost jobs, higher taxes, and an explosive increase in public debt. Boris Johnson won’t get Brexit done, instead we will all get done over by his Brexit for years to come.
“The Institute of Fiscal Studies has an unrivalled reputation for fairness and objectivity. So their announcement today that Brexit has already kept pay down, suppressed investment and made us all poorer needs to be taken seriously. And their warning that Boris Johnson’s Brexit plan for a vicious No Deal would make things much worse cannot be ignored.
“The IFS today say Johnson’s No Deal Brexit would send public debt up to levels not seen for half a century, leave our children and grandchildren with a poisonous legacy, and force swingeing spending cuts after the money runs out.
“Johnson’s plan is for a Brexit from the right, for the right, with working people, the vulnerable and neglected communities hit first and worst once his current spending binge collapses. Johnson and his wealthy hedge fund backers will not pay the price, of course: they will be benefitting from the tax cuts for the rich the prime minister has already made his priority.
“None of this was discussed in 2016. Johnson himself told us we’d be getting a great deal, not a fiscal Armageddon. There is only one fair and democratic way to resolve this crisis and that is to have a final say referendum on Johnson’s Brexit.”
Notes to editors
Further reporting on the IFS report can be found here.