Ok we can’t be sure on this statistic, but if anyone could give us a decent estimate it would be the Institute of Fiscal Studies.
They have calculated, that if we trigger Article 50 and leave the European project once and for all, the cost would be £75bn a year. This would equate to almost three grand per household, a huge figure.
They believe that the country would be poorer by 4 per cent of GDP per annum. If the UK managed to work out a deal with the common market, this figure might come down, but there is no guarantee this is going to happen, and if it would be generous to the UK.
Brexiteers might claim that we can organise trade deals with other countries without EU red tape, but again it is yet to be seen if that would happen.
EU diplomats and politicians have said the UK will not be able to access the single market at all, unless it makes huge payments into the EU and still allows the free movement of labour.
Some hoped that the UK could copy Norway’s agreement with the EU but it seems that the chances of this happening are fading away rapidly.
Many Brexit voters cited stopping free movement of workers as a major part of their reasons for voting to Leave, so this could cause some serious complications and resentment by the 52 per cent of people who opted for Brexit.
The report stated: “The macroeconomic impacts of membership and access are much larger than the importance of direct budgetary issues, even relative to the UK’s full EU contribution.”
The vast majority of economic forecasters believe that Brexit will have a negative impact on the UK economy in the long-term.
The negative impact of the Brexit vote has not been fully felt yet, but there have been numerous indicators that appear to show a slow down in the economy, in both the service and manufacturing sectors, the possibility of a the UK slipping into another recession appears to be growing.
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .