A no deal Brexit will cost Gedling £380 million

New research by the LSE's Centre for Economic Performance and the Liberal Democrats has revealed just how damaging a no deal Brexit will be to Gedling.

A no deal Brexit will mean an economic hit of £380 million to Gedling.

David Davis and other members of the cabinet have recently been talking up a no deal Brexit, but this data shows that the country simply couldn't afford it.

If the UK exits the EU in March 2019 without a deal, Britain's economic output (gross value added) in the five years after Brexit would be reduced by 5.3%, or £430 billion.

Even if the UK agreed to a Norway style arrangement with full single market access, this would still result in a reduction to five-year economic output of 2.9%, or £235 billion.

Local Liberal Democrat Tad Jones said:

"These figures a real indictment of the government's strategy. The Conservatives are still talking up the possibility of a no-deal Brexit, yet these figures suggest that would cost Gedling a ruinous £380 million over five years. Even a relatively soft Brexit could cost the area £250 million.

"The government must rule out a no-deal to end the uncertainty and confirm its commitment to stay in the single market and customs union."