The grim economics of Brexit: the reduction in immigrants could wipe 2.5 percentage points off UK GDP

The grim economics of Brexit: the reduction in immigrants could wipe 2.5 percentage points off UK GDP

8 March 2016, 04:21
Francis Dogbe
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People who want Britain to leave the EU in hopes of reducing the amount of immigration into the UK will not like this chart from Simon Wells and Liz Martins, economists at HSBC. It shows how the UK relies on immigrants to add new tax-paying workers to the rolls, which funds retirement and infrastructure for older, non-working Brits. The pair published the chart in a review of the government's budget that attempted to guess the impact of Brexit on UK GDP. They noted: Much is unknown. However, the OBR's current forecasts, under which the deficit closes by 2019/20, rely on the ONS' central...
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