Monday, October 1, 2018

The cost of Brexit - Britain spends 500 mil to save 350 mil - PER WEEK

Here’s a shocking item from 538’s significant digits email.

500 million pounds a week
According to a study from the Centre for European Reform published over the weekend, Brexit has cost the British government 500 million pounds a week, and that number is apparently growing. [Reuters]

Brexit? More like ScrewedIt. This is a prime example of the idiocy of economic nationalism. Here’s more from the Reuters report, Brexit has cost Britain 500 million pounds a week, study says.

LONDON (Reuters) - Britain’s decision to leave the European Union has cost the government 500 million pounds a week, wiping out for the moment any future savings from stopping payments to the bloc, according to a study published on Sunday.

The Centre for European Reform, a research group that focuses on the European Union, said the British economy is about 2.5 percent smaller than it would have been if the public have voted to remain in the bloc in June 2016. Its findings were based on the impact on the economy until the end of June 2018.

Public finances have been dented by 26 billion pounds a year, the equivalent of 500 million pounds a week and a figure that is growing, the group said here.

The Centre for European Reform, which describes itself as “pro-European but not uncritical”, said it created a model of how Britain’s economy could have performed had the campaign to remain in the EU won the referendum in 2016.

The group said its analysis was based on 22 advanced economies whose characteristics closely matched Britain and that did not vote to leave the EU. They then compared it with Britain’s actual economic performance since the vote.

During the 2016 referendum campaign on EU membership, supporters of leaving the EU claimed that Britain would benefit because it would no longer be sending 350 million pounds a week to the bloc.

Hmmm. Let’s see. Britain saves 350,000,000 by Brexit and spends 500,000,000. That’s a net cost of 150,000,000 per week. Somebody please tell Donald Trump about how well his tariffs will work out.

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