Philip Hammontree: Francois Lenoir / Reuters
A British exit from the EU without an agreement on further cooperation of the parties will harm the country’s budget in the amount of 80 billion pounds ($102.5 billion). This was stated by the British Finance Minister Philip Hammond, excerpts from the letter which addressed the Parliament cites The Guardian.
The message appeared in a publication addressed to the Chairman of the Treasury Committee of the British Parliament Nicky Morgan. Hammond informs her that if the UK cannot negotiate with the EU about the conditions of release, it will face a serious economic downturn. For elimination of its consequences will have to draw the same 80 billion pounds.
The main impact, according to the Minister, will be in the chemical industry, manufacturers of food, clothing, cars, and retailers. They are the main exporters of the United Kingdom, and now their products can be subject to duties.
Morgan called Hammond described the catastrophic consequences for the British economy. According to her, out of the EU without a deal will hit the living standards of citizens.
The statements of Hammond followed just a few hours after the Minister for Brexit Dominic Raab tried to appease the British and assured that too serious consequences, such as shortages of food and even famine, can be expected. The official expressed confidence that agreement on a transaction would still be able to achieve. But even if this does not happen, according to him, Brussels is still not leaving London and will provide the necessary assistance.
23 Aug the government released the first part of the explanatory notes addressed to British businesses and ordinary citizens. They describe the possible negative consequences of Brexit and recommendations for their elimination. Among other things, it says that the difficulties may face importers of European products, for example, medicines, which will now have to permit their sale in the country.
In addition, the Brits living in EU countries may lose access to their accounts in British banks, and therefore for all payments such as salaries, pensions and benefits.
Brexit to be held on 29 March 2019. By November 2018, the parties must reach a final agreement on the conditions of the process or to abandon it.
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