"It's become clearer with every week and every academic study that passes that the economic damage from Brexit is even greater than the most pessimistic predictions. We've had one recently suggesting the loss might be as high as 8%, which would easily plug any funding gap that Rachel Reeves might think she has to fill. Reeves wants to have her cake and eat it."
"Rejoin EU believes the economic boost from removing the mountain of extra red tape and trade barriers caused by Brexit would more than cover the economic black hole facing the government. It comes after a study by US-based research group National Bureau of Economic Research suggested that the economic damage from Brexit could be double the 4% hit to GDP that economists originally forecasted."
"Chancellor Rachel Reeves is reportedly planning to freeze income-tax thresholds and hike tax in other areas to try to plug a gap in the public finances that some reports have suggested could be as high as £30bn. City analysts have warned that the measures could hit the bond market and spark a challenge to Keir Starmer's leadership if they fail to shore up fragile investor confidence."
Labour faces potential economic and political turmoil linked to Budget tax measures intended to plug a sizeable public-finance gap. Reported plans include freezing income-tax thresholds and other tax increases that analysts warn could unsettle bond markets and investor confidence, risking leadership challenges. The Rejoin EU Party argues that signalling willingness to re-enter the single market, customs union and EU would boost markets and more than offset the fiscal shortfall by removing Brexit-related trade barriers and red tape. Recent research suggests Brexit's economic damage may be larger than previously estimated, possibly up to around 8% of GDP.
Read at London Business News | Londonlovesbusiness.com
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