Stevens – Bridgend shows Brexit now the dark cloud hanging over our economy - People's Vote

Stevens – Bridgend shows Brexit now the dark cloud hanging over our economy

Commenting on the expected announcement of the closure of Ford’s Bridgend plant next year and of further job cuts at Aviva, Jo Stevens MP, leading supporter of the People’s Vote campaign, said:

“Whether Ford say Brexit has or has not had any impact on the decision they’ve made on Bridgend, or whether it is a factor in Aviva’s latest round of job cuts, what no-one can deny is that Brexit is a dark cloud hanging over our economy.

“It is now a component – explicit or implicit – in every major investment decision being taken in our country and even if the disaster of a humiliating No Deal were avoided, it is clear that any sort of Brexit will see the British economy lag behind.

“Two reports commissioned by the People’s Vote campaign over the last year by the National Institute for Economic and Social Research, the oldest and most respected of our economic thinktanks, have demonstrated that any Brexit, even one where we stay inside a customs union with the EU, will cost jobs and leave us worse off.

“Theresa May’s deal was costed at £100 billion a year, a customs union deal at £80 billion and a humiliating No Deal at £140 billion. The Government’s own estimates offered a similarly worrying outlook.

“Now that we know the costs and risks of any Brexit deal, the only fair and democratic solution to the Brexit mess is to give the public the final say in a People’s Vote.”

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NIESR’s report on Theresa May’s Brexit deal for People’s Vote can be read here:https://www.niesr.ac.uk/sites/default/files/publications/NIESR%20Report%20Brexit%20-%202018-11-26.pdf

NIESR’s report on a customs-union-based Brexit can be read here: https://www.niesr.ac.uk/publications/economic-impact-united-kingdom-customs-union-deal-european-union