Brexit might cost the economy £220bn over 5 years. Here's what we could spend that on instead

Narjas Zatat@Narjas_Zatat
Tuesday 29 November 2016 14:30
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Following Phillip Hammond’s sombre Autumn Statement in parliament last week, a post-Brexit economy is looking less like a blessing as the days go by.

The Office for Budget Responsibility (OBR) forecasts government debt to hit £1.945 trillion in five years – up by £220bn.

Experts are attributing the rise as a direct result of the consequences of Brexit. A recent report by ITV's Robert Peston explained:

£78 billion of that is due to the expected post-referendum slowdown in the economy, £16 billion is from government spending and tax decisions, and most of the rest is the result of measures taken by the Bank of England in August to avert recession...

So it's reasonable to characterise that £220 billion increase in the national debt as the financial cost of Brexit.

Inspired by this thread, here's a chart comparing the projected cost of Brexit over four years, compared to a whole host of other things that money could be spent on instead:

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Let's just hope Brexit is worth it in the long run...

HT: NHS, CNDUK, STOPHS2, GOV.uk

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