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'Hard Brexit' could cost 66 billion pounds a year - Times
October 10, 2016 / 11:22 PM / a year ago

'Hard Brexit' could cost 66 billion pounds a year - Times

(Reuters) - The United Kingdom could lose up to 66 billion pounds a year under a “hard Brexit”, The Times reported citing leaked government papers.

A union flag is displayed on a house at Jaywick near Clacton-on-Sea, a town in eastern England, where 70 percent of people voted on June 23, 2016 to leave the European Union, Britain August 23, 2016. REUTERS/Neil Hall

GDP could fall by as much 9.5 percent if Britain leaves the European Union compared with if it stays within the union, The Times reported.

The 66-billion-pound figure was in a draft cabinet committee paper which was seen by The Times.

A report by consultancy firm Oliver Wyman earlier this week said Britain’s financial industry could lose up to 38 billion pounds in revenue in a ‘hard Brexit’.

A quarterly survey of 7,000 businesses by the British Chambers of Commerce (BCC) on Monday showed that Business investment and turnover confidence in the UK had hit four-year lows.

Another survey by Deloitte reported that chief financial officers in major British firms reported only a partial rebound in business morale after a post-Brexit vote nosedive.

Reporting by Parikshit Mishra in Bengaluru; Editing by Sandra Maler

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