(IFS) report ‘Brexit Options’
Report released today from the Institute of Fiscal Studies (IFS) headlines ‘Brexit options: budget contributions pale against wider trade and economic impacts’
A new report by IFS researchers, funded by the ESRC and published today: The EU Single Market: The Value of Membership versus Access to the UK looks at what membership of the single market brings in terms of the potential benefits for trade, especially in services, and the likely obligations. It also considers the potential for new trade deals beyond the EU and the economic and public finance implications of potential options.
Ian Mitchell, Research Associate at the IFS and an author of the report said: “From an economic point of view we still face some very big choices indeed in terms of our future relationship with the EU. There is all the difference in the world between ‘access to’ and ‘membership of’ the single market. Membership is likely to offer significant economic benefits particularly for trade in services. But outside the EU, single market membership also comes at the cost of accepting future regulations designed in the EU without UK input. This may be seriously problematic for some parts of the financial services sector. Choices in these domains will most likely be far more important than any deal on budget contributions.”
Read the IFS press release in full click here