The Economic Consequences of Brexit

(CC) Gatis Šļūka / Flickr The OECD has just published “The Economic Consequences of Brexit: A Taxing Decision.”

According to the study, a decision by Britain to leave the European Union would cause a severe negative shock to the economy and weaken GDP growth for many years, equivalent to a cost per household of GBP 3200 per year by 2030 at today’s prices, and as much as GBP 5000 in the worst case scenario.

Furthermore, being outside the EU would further damage trade, foreign direct investment and productivity.

The OECD Economic Policy Paper also notes that the estimated costs of Brexit do not take into account the fact that remaining in the EU could lead to additional GDP growth as further development of the Single Market boots trade and foreign direct investment.

Download “The Economic Consequences of Brexit” here.