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Impact of Brexit on UK prosperity

EDM (Early Day Motion) 330: tabled on 05 September 2022

Tabled in the 2022-23 session.

This motion has been signed by 13 Members. It has not yet had any amendments submitted.

Motion text

That this House notes with concern the impact of Brexit on inflation; notes research by the UK in a Changing Europe think tank revealed that Brexit has increased food prices by 6 per cent; acknowledges that sterling has lost 10 per cent of its value, leaving households poor by increasing import costs and inflation while lowering wage growth; is aware of research published by the London School of Economics and Resolution Foundation that Brexit has reduced how open and competitive Britain is, leading to reduced productivity and wages over the next decade; recognises that the Office for Budget Responsibility says Brexit will have the long-term effect of cutting GDP by 4 per cent; understands that the Financial Times agreed that such a decline will mean £100 billion of lost output and £40 billion less revenue for the Treasury each year; is concerned that the UK has now fallen behind all other G7 countries in the pace of its recovery from the covid-19 pandemic, with exports down significantly and believes that Scotland will prosper more by regaining its independence and rejoining the EU than by remaining in the UK.