Brexit could cost British economy £100 billion: study

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LONDON: Leaving the European Union could cause a “serious shock” to Britain’s economy, with the risk of losing almost one million jobs, according to a CBI business group study released Sunday. A so-called Brexit could also cost about £100 billion (128 billion euros, $145 billion) of economic output by 2020 — equivalent to 5 percent of annual GDP — the research found. “This analysis shows very clearly why leaving the European Union would be a real blow for living standards, jobs and growth,” said Carolyn Fairbairn, director general of the CBI. “Even in the best case this would cause a serious shock to the UK economy.” An exit could cost as many as 950,000 jobs, according to the study, meaning unemployment would be 2-3 percent higher by 2020 than if Britain remained in the EU.

AFP

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