South Lanarkshire could lose £1.3 billion as a result of Tory UK Government
A shock report from the London School of Economics has showed the damning result of a ‘no-deal’ Brexit scenario, with South Lanarkshire set to be robbed of up to £1.3 billion.
Figures show that every single part of Scotland, and of the UK as a whole, will be adversely affected even in the event of a soft Brexit with single market membership maintained – however the impact of dropping off a hard Brexit cliff edge would be significantly worse.
Regional detail shows that South Lanarkshire is set to lose 2.5% of its goods and services (GVA) under a soft Brexit scenario (£720 million) or 4.5% (£1.3 billion) in the event of a Tory hard Brexit ‘no-deal’ scenario.
Aberdeen would be the worst hit region, set to lose 4.5% in value of its goods and services (GVA) under a soft Brexit scenario (equivalent to £2.4 billion) or 7% (£3.8 billion) with a hard Brexit no-deal. Edinburgh would lose 6% GVA or £5.5 billion if no deal is struck between the UK and the EU, Glasgow would lose £5.4 billion.
The report concludes that over a five-year period Scotland will lose out on over £17 billion with a soft Brexit situation, but by a devastating £29.4 billion if no provisions are made to halt a hard Brexit outcome.
SNP MSP for Hamilton, Larkhall and Stonehouse, Christina McKelvie MSP, is now demanding the UK Government publish their own report into Brexit’s impact on Scotland.
Commenting, Christina McKelvie MSP said:
“If people were in any doubt about the costs of Brexit, this report makes it perfectly clear – Scotland will pay a heavy price for being dragged out of the European single market against our will.
“But while all Scottish regions are set to suffer, this could be twice as bad if a reckless Tory government plays fast and loose with Scotland’s economy and heads for the EU exit door without securing a deal on the single market.
“The fact that my constituency of Hamilton, Larkhall and Stonehouse could be set to be robbed of £1.3 billion is inexcusable and the Tories should rightly be held to account for the Brexit omnishambles of their own doing.
“The SNP has been completely consistent on this point – maintaining Scotland’s single market membership is absolutely vital in terms of protecting jobs, living standards, Scottish businesses and – as this report shows – the sale of goods and services from each and every part of our country.
“While the UK government has kept under wraps its own analysis of the hefty price Scotland will pay for Brexit, they can’t keep this hidden from the public any longer. Scottish businesses deserve the truth.
“It’s time for the UK government to listen up – Scotland won’t pay a £30 billion bill to be dragged off a Brexit cliff edge. We need a single market deal that works for Scotland and we need that guarantee now.”