Study: EU exit may cost UK up to £215
A newly published report suggests that UK possible exit from the European Union may cost the country more than £200 billions.
A study by two German institutes Bertelsmann Stiftung and Ifo Institute predicts that the UK could lose 14% of its GDP, or £215 billion if it decides to leave the European bloc.
The report also says other EU member states including Germany will lose out financially- no as much as Britain though- if the UK withdraws from the European Union.
The report has also painted three possible scenarios for the issue.
In the report’s most positive case, the UK would secure a trade deal with the EU similar to Switzerland’s.
Under such an agreement, Britain’s GDP per head would be £157 less than if it stayed in the EU.
In the worst case scenario, the UK would lose all trade privileges arising from EU membership and its free trade deals.
Losses are expected to run up to £3,471 per head in such a case.
“A Brexit is a losing game for everyone in Europe from an economic perspective alone – particularly for the UK,” Russia Today quoted Aart De Geus, chairman and chief executive of the Bertelsmann Stiftung as saying.
“But aside from the economic consequences, it would be an especially bitter setback for European integration as well as Europe’s role in the world. Setting the course for a Brexit in the House of Commons elections would weaken the EU.”
British Prime Minister David Cameron has promised to hold referendum on the UK’s membership in the 28-member bloc by the end of 2017, if he wins the upcoming general elections to be held on May 7.
Cameron has claimed renegotiating the UK’s membership is crucial to persuading Britain to stay in the bloc. The British prime minister made the pledge in 2013 to hold the referendum following pressure from Tory Eurosceptic backbenchers and the UK Independence Party (UKIP).
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