Sunday, November 19News For London

CBI and PwC release Brexit report, divide opinion

The In camp for the EU referendum have seized upon a new report by CBI and PwC, but pro-Brexiters have responded to it in a different light.

Photo by Katy Walters / CC BY
Photo by Katy Walters / CC BY

Produced as a joint-effort by the two firms, the report hints that as many as 950,000 potential future jobs might be lost by 2020, as a consequence of a Brexit.

The report also claims a Brexit could serve as a blow to economic growth over the next four years, with as much as £100bn worth of potential output being lost by 2020.

The forecasts indicate growth will pick up in the ensuing years, but the report’s findings are significant, as they serve as an admission that a Brexit might depress the economy somewhat.

Speaking to Westminster World, David Blanchflower, an ex-member of the Monetary Policy Committee at the Bank of England, warned that a Brexit would generate “massive economic uncertainty”, adding it was “too risky”.

However, critics of continued membership, such as UKIP’s only MP, Douglas Carswell, took to Twitter, to paint the findings in a different light. Despite the potential loss of output and jobs, Mr Carswell focused on the fact that the forecasts hinted at growth and job creation, despite a Brexit.

The CBI was in the headlines last week, when it announced that 80% of its members had voiced support for Britain’s continued membership in the EU, as part of a survey it conducted.

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