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Brexit cost set to dwarf NHS budget

RelatedPosts Fuming Boris Johnson: Constant questions about my dishonesty not my fault New poll shows Tory lead cut to 6% & Tory majority can be stopped with tactical voting Corbyn dismisses controversy over source of NHS sell off revelations as ‘nonsense’ John Major, Michael Heseltine, former Tory MPs urge voters to put country first and […]

Jack Peat by Jack Peat
December 21, 2016
in News, Politics
Conservative Party accused of lying over £10bn NHS funding claims

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The overall cost of Britain’s break from Europe is expected to be an astronomical £220 billion over four years, dwarfing the NHS budget which was a focal part of the ‘Leave’ campaign.

New forecasts from the Office for Budget Responsibility (OBR) show that government debt is to hit £1.945 trillion in five years, with experts attributing the £220 billion growth to the direct results of Brexit.

A recent report by ITV’s Robert Peston explained: “£78 billion of that is due to the expected post-referendum slowdown in the economy, £16 billion is from government spending and tax decisions, and most of the rest is the result of measures taken by the Bank of England in August to avert recession…

“So it’s reasonable to characterise that £220 billion increase in the national debt as the financial cost of Brexit.”

Given that protecting the UK’s interests was a key promise of the Leave campaign, a new thread has looked at comparing key domestic costs to the cost of leaving Europe.

The thread revealed that compared to the annual NHS budget (£116.4 billion), the annual cost of the UK’s armed forces (£37.4 billion) and the official projected cost of HS2 (£56 billion), Brexit is likely to dwarf key national expenditure, and is perhaps even likely to lead to more years of austerity in a country already crippled by cuts.

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Jack Peat

Jack Peat

Jack is a business and economics journalist and the founder of The London Economic (TLE).He has contributed articles to The Sunday Telegraph, BBC News and writes for The Big Issue on a weekly basis.Jack read History at the University of Wales, Bangor and has a Masters in Journalism from the University of Newcastle-upon-Tyne.

Comments 3

  1. Herman Martin says:
    3 years ago

    A slight detail that I’ve been trying to point out to people….?

    Reply
  2. Mike says:
    3 years ago

    So Brexit was supposed to fund the NHS? Looks like it’s going to be the other way round.

    Reply
  3. Antoinett Taylor says:
    11 months ago

    So please itemise the £220 Billion Brexit costs to us so that we can see if it is going to be value for money!!

    Reply

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