No Deal Brexit would wipe off £193BN from the UK economy and make every one of its regions poorer, CBI warns
- The CBI said an analysis of statistics revealed London would suffer the most
- It estimated that £40billion would be wiped off its annual output by 2034
- German business leaders said a No Deal departure would be bad for Europe
A no deal Brexit would wipe £193billion off the UK economy and make every region poorer, the CBI warned last night.
Growth and exports would suffer everywhere from Scotland to the South East, wrecking small firms and putting jobs at risk, the confederation said.
It came as German business leaders said a No Deal departure could prove catastrophic for the whole of Europe, amid growing panic in Berlin.
Theresa May faces a crucial vote on her Plan B Brexit deal in the Commons next Tuesday
The CBI said an analysis of Government statistics revealed London would suffer the biggest fall, with £40billion wiped off its annual output by 2034.
In the South East, next hardest hit, £28billion would be lost, equal to one and a half times its annual health budget.
The North West would lose £20billion; the West Midlands, £18billion; and the East £17billion.
Scotland, Wales and Northern Ireland would be £14billion, £7billion and £5billion poorer respectively, the CBI said.
The lobby group’s director general Carolyn Fairbairn said: ‘The message from business cannot be simpler: a March No Deal must be ruled out immediately.’=
Pets at Home, the nation’s biggest pet supplier, has begun an £8million emergency plan, including stockpiling cat food, in the event of Brexit causing chaos at British ports.
Electrical retailer Dixons Carphone is also working with suppliers on a back up plan that would shore up its stocks of TVs and laptops.
MPs Dominic Grieve (pictured left) and Yvette Cooper (pictured right) have revealed their plot to water down Brexit by tabling amendments which overturn over 100 years of Commons procedure to try to hijack the debate