Stevens – investment fall shows scale of Brexit damage - People's Vote

Stevens – investment fall shows scale of Brexit damage

The Office for National Statistics this morning reported a further fall in business investment saying it was:

"estimated to have fallen by 1.1% to £46.9 billion between Quarter 2 2018 and Quarter 3 2018; this is the third consecutive quarter-on-quarter fall in business investment and the first time this has happened since the economic downturn of 2008 to 2009”

Commenting, Jo Stevens MP, leading supporter of the People’s Vote campaign, said:

“Brexit is already damaging our economy and we have not even left yet. Following through with the Government’s plan for Brexit would only make it worse.

“The deal would sell out the services sector – such as tech and professional and financial services – that make up 80 per cent of our economy, employ millions of UK workers, and contribute billions of pounds in tax revenue to pay for public services. And with both manufacturers and the services sector in a worse position than they are now, jobs in the UK would be lost, our economy would be smaller, and we would be poorer as a country.

“The Treasury’s own figures say the Government’s deal will leave our economy 3.9 per cent smaller annually by 2033 – equivalent to over £100 billion every year – with less trade, lower wages and less money for public services.

“The real choice now is whether to go ahead with a Brexit deal or stick with the deal we already have as members of the EU. Now we know what Brexit looks like, the public should be given the opportunity to decide in a People’s Vote – is this the kind of deal we want, or is the deal we already have in the EU better? In the end, only the people can sort this out.”

/ends

Notes to editors

ONS’s press notice can be read here: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/businessinvestment/julytoseptember2018revisedresults