According to the Confederation of British Industry (CBI), all parts of Britain will experience economic difficulties in case of a No-Deal Brexit. Namely, if the UK leaves the EU without a deal, then it will suffer an economic loss which may last until 2034.
The CBI noted that the North East of England region would receive the hardest hit, as it would lose 10.5% of its real gross value added (GVA). This amounts to seven billion pounds by 2034.
However, each of Britain’s nations would suffer a fall in GVA:
- Northern Ireland 9.1% reduction;
- Wales 8.1% reduction;
- Scotland 8% reduction.
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Moreover, London will see an annual fall in GVA of 40 billion pounds, followed by the South East of England with a reduction of 28 billion pounds, Xinhua news agency reported.
Commenting on this danger, Carolyn Fairbairn, CBI director-general, mentioned that a No Deal Brexit must be prevented, to protect the businesses and restore their confidence.
Speaking about the possible impacts of a No-Deal Brexit, Richard Ballantyne, the Chief Executive of the British Ports Association commented that the ports industry has been involved in extensive planning and discussion with the UK Government on the challenges a no-deal Brexit would present.
However, given that there is still no certainty around UK’s trading relationship with Europe after Brexit it is not surprising that some ports have been unable to fully prepare. Moreover, ports along the UK are exposed to Brexit challenges.
Additionally, BPA supports that obviously ferry ports will face many challenges. The industry is discussing and cooperating in order to make sure that ports and partners will be prepared for any possible disruption.
