Wednesday 29 November 2017

Brexit; quadruple (or more) whammy

Another bad week for Brexit. Here are a few of the lowlights.

The UK lost the EU medicines agency and banking authority in spite of rather bizarre assurances from Brexit secretary David Davis that in this instance, Brexit would not mean Brexit and they would stay in London. So up in smoke went more than 1,000 high quality jobs the UK had fought very hard to get, and our international prestige received a huge dent.

It was revealed that since the Brexit vote, European banks had dumped £350bn of UK-linked assets. That’s more than twice the entire NHS budget.

Brexit will cut government tax revenues by £42bn between 2019 and 2021. That’s about half the entire education budget. And because of the higher prices it has caused, Brexit has produced an effective £448 pay cut for every worker.

And one thing we can be sure of, until Theresa May changes course, there will be plenty more bad news.

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