Thursday 28 May, 2020

UK Treasury chief says Brexit will hit the economy

Britain's Chancellor Philip Hammond.

Britain's Chancellor Philip Hammond.

Britain's Treasury chief says leaving the European Union on any terms will leave the economy worse off than remaining in the bloc.

Philip Hammond says that "if you look at this purely from an economic point of view there will be a cost to leaving the European Union, because there will be impediments to our trade."

But he says a divorce deal agreed between the British government and the EU, which calls for continued close economic ties, will minimize the economic damage.

The government and the Bank of England both plan to publish assessments Wednesday of the economic impact of Brexit under different scenarios.

Prime Minister Theresa May is battling to persuade skeptical lawmakers to back the Brexit deal before Parliament votes Dec. 11 to accept or reject it.


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