HM Treasury analysis on the EU referendum shows that a vote to leave would mean Britain would be permanently poorer. Here are the key findings of the report:
- Britain will be worse off by £4,300 a year per household if Britain votes to leave European Union, new analysis published by HM Treasury shows
- The analysis also finds that the negative impact on the economy (GDP) would result in a total reduction in tax receipts of £36 billion, equivalent to around an 8p increase in the basic rate of income tax
- The UK is estimated to be between 3.4% and 4.3% of GDP (economic output) better off inside the EU than with membership of the European Economic Area like Norway
- The UK is estimated to be between 4.6% and 7.8% of GDP (economic output) better off inside the EU than with a negotiated bilateral agreement like Canada, Turkey or Switzerland
- The UK is estimated to be between 5.4% and 9.5% of economic output (GDP) better off inside the EU than adopting the rules of the World Trade Organisation like Russia or Brazil.