Reports have emerged that state as a result of Britain leaving the European Union more than £40billion will be freed up for domestic spending. In addition to this, a government source is quoted in the Mail on Line predicting that immigration will be cut in half. The official Treasury ‘Red Book’ is predicting that a hefty sum of cash will be saved via the ending of UK contributions to the EU. These contributions will total £42.3billion over the next five years. This is also taking into account the costs of the ‘Brexit divorce bill’.
In addition to this a separate document produced by the independent Office for Budget Responsibility, created in 2010, suggests that net immigration is likely to reduce nearly in half from 240,000 last year to 130,000 by 2024. On the potential of a Brexit dividend, the Government source said: “Some people have questioned whether there would be a Brexit dividend, but here it is in black and white – growing every year. This is money that we are taking back control of in order to spend on our own domestic priorities”.
However, the OBR has said there is the potential for a long-term impact of Brexit on the economy. The OBR predicts that the overall size of the economy could be 4 per cent lower than otherwise after 15 years. The OBR has admitted that its findings are currently incomplete, adding that the outcome of the Brexit talks are still up in the air and until this is agreed it is extremely difficult to forecast the long term effects of Brexit.
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Current Affairs Correspondent | My name is Oliver Down I am 22, and a staunch brexiteer. I am a Bristolian lad who studied politics in Leicester. I believe in free speech and accurate journalism and I won’t be afraid to give you “the other side” of the story!
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