A few days ago, a confidential report by the British Treasury was leaked to the press. It confirmed what many had feared, that the economic forecasts for the regions of the UK were not that rosy under different models for different Brexit scenarios.
The scenarios looked at the change in growth for regions over the next fifteen years under three conditions: leaving the European Union, but remaining in the single market; leaving the single market but crafting a free trade agreement with the EU; and no deal, the so-called Hard Brexit.
I charted the data and it speaks for itself. Brexit is bad. The least worst option would be to remain in the single market. The North East, for my non-British readers that’s the area south of Scotland and home to Newcastle, is particularly not forecast to do so well in a hard Brexit.
As the debate rages on in the UK about how to proceed, the data should contribute to the conversation. While forecasts and projections can be wrong—what is the certainty of these forecasts, for example—it does make one wonder that if a better economy was a selling point of Brexit, do these forecasts make the idea of Brexit still worth it?
Data comes from the BBC. Credit for the design is mine.