Brexit : Costing the Earth – 18 May 2020
Our Finance expert in Tunbridge Wells has just revealed some interesting figures about Brexit. Go Compare:
Cost of our EU Membership
UK net contribution to EU 1973 -2020 was £156.3 bn in real cash terms and £210.9 bn in real terms from HMG’s figures (House of Commons Report) up to 2018. Using the figure of £210.9 bn + estimates of £10 bn p.a.for 2019 and 2020, we arrive at a net contribution to the EU £230.9 bn since 1973.
Cost of Brexit
£200 bn so far and counting – source Bloomberg. The Cost of No Deal Brexit is estimated at £30 bn every year. COVID is expected to add a further £300 bn in 2020.
In just 4 years, Brexit will have already cost the UK almost as much as our EU contributions over 47 years. Whilst in transition, we haven’t even left the Single Market yet. The UK is on course for No Deal Brexit plus a deep recession, tax rises, a wage freeze and further austerity.
Our EU membership costs us 37 pence a day, or half a Mars Bar.