New quarterly GDP figures show the UK economy shrank by 0.2% between April and June this year, the worst performance since 2012. This means, with one more quarter of negative economic growth, the UK economy will enter recession.
Commenting, Wes Streeting MP, member of the Treasury committee and leading supporter of the People’s Vote campaign, said:
“The economic damage being done by Brexit is real and it is happening now. This is not a projection or a forecast – these are the real-life consequence of the Brexit crisis, and they are being felt in our public services, businesses up and down the land and in the pockets of the vast majority of people in this country.
“Having already cost more than £500m a week in lost growth since 2016, Brexit is now actively shrinking the UK economy, putting us just one negative quarter away from a recession. It is making our country poorer, deterring investment, shrinking our currency and leaving less money for our national priorities the NHS.
“This is the real cost of Brexit. In 2016, Leave campaigners including Boris Johnson promised Brexit would lead to ‘sunlit uplands’ and a stronger economy. The reality is the exact opposite.
“With the economic cost of Brexit becoming clearer every day, and with every promise made about the benefits of Brexit now being broken, it would be a democratic outrage to go ahead with this without giving the public the final say. That’s why we need a People’s Vote.”