A no deal Brexit will cost Lambeth billions


Kate Hoey has recently been pushing for a no deal Brexit. The Vauxhall MP, pictured above campaigning for a Leave vote alongside Nigel Farage during the referendum, recently tweeted: "No deal with the EU? Sounds like a good deal to me."



Now, new research by the LSE's Centre for Economic Performance and the Liberal Democrats has revealed just how damaging a no deal Brexit would be to our borough. 

According to the study, no deal Brexit will mean an economic hit of £3.1billion to Lambeth

If the UK exits the EU in March 2019 without a deal, Britain's economic output (gross value added) in the five years after Brexit would be reduced by 5.3%, or £430 billion nationwide. 

Even if the UK agreed to a Norway style arrangement with full single market access, this would still result in a reduction to five-year economic output of 2.9%, or £235 billion. 

Liberal Democrat Parliamentary Spokesperson for Vauxhall, George Turner said: "These figures are a real indictment of Vauxhall Labour's militant Europhobia.



Pro EU campaigner Gina Miller and Vauxhall parliamentary candidate George Turner took inspiration from the Hoey-Farage boat moment during the snap election campaign

"Kate Hoey is still talking up the possibility of a no-deal Brexit, yet these figures suggest that would cost Lambeth a ruinous £3.1billion over five years.

"Liberal Democrats are campaigning for the government to rule out a no-deal Brexit, to end the uncertainty and confirm its commitment to stay in the single market and customs union.

"Only the Liberal Democrats are offering an exit from Brexit, with the possibility of a first referendum on the facts."

Sign the Liberal Democrats' petition calling for the country to have a say on the final Brexit deal and the option to stay in Europe if it doesn't like it.


Share this post on social media:

Sign in with Facebook, Twitter or Email.

Find us on Facebook