People’s Vote: ‘We demand our say’

The CER estimate of a 2.1% smaller economy than if the UK had voted to remain in the EU is equivalent to a knock-on hit of £23 billion a year to the public finances, some £440 million a week. The think tank created a model using data from similar OECD economies including Canada, Japan, Hungary and the US to estimate how the UK would have performed if the referendum result had gone the other way.

CER deputy director John Springford said: “Two years on from the referendum, we now know that the Brexit vote has seriously damaged the economy.

“And we know that the government’s ‘Brexit dividend’ is a myth, the vote is costing the Treasury £440 million a week, far more than the UK ever contributed to the EU budget.”