MacKay Hannah

Beginning Brexit: Understanding how Brexit will affect services and business in Scotland

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Brexit to cost Scottish economy 11.2 billion a year

According to the Scottish Government, the cost of Brexit to the Scottish community is estimated at £11.2 billion per year. Their analysis also found that departing from the EU will have an annual hit of 3.7 billion on tax revenues.

The analysis paper suggests that by 2030, Scottish GDP is projected to be between £1.7 billion and £11.2 billion per year lower than it would have been if Brexit did not occur. Tax revenue is projected to be between £1.7 billion and £3.7 billion lower.

The paper is the first in a series that the Government plans to publish looking at the potential impact on Scotland of the UK leaving the EU.

Ms Sturgeon explained: "This paper shows, in the starkest possible terms, the potentially huge cost to Scotland of being taken out of the European Union and the single market.

"This analysis - based on a wide range of sources - demonstrates that leaving the EU, under any potential alternative arrangement, will have a profound and long-lasting impact on the public finances and the wider economic and societal well-being of both Scotland and the UK as a whole.

"That stark picture outlined today means that, whatever the model of relationship with the EU which is chosen by the UK Government in their negotiations before and after Article 50 is triggered, it will not be as economically beneficial as full EU membership.

"The only way to protect Scotland's economy - and the clear benefits which come from being part of the world's biggest single market - is to work to ensure we protect our relationship with the EU.

"My Government is absolutely committed to pursuing every possible avenue and option to do that."

The First Minister has already made moves to protect Scotland by holding talks with the Prime Minister and setting up her own expert group which will advise her on how to secure Scotland’s relationship with Europe.

The group has set out five key interests including ''the need to make sure Scotland's voice is heard and our wishes respected'', access to the single market, free movement of labour and a say in its rules.

All credit to The Evening Times

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I was keen to get a better understanding/background to the budget and this was met. Well structured event with good and knowledgeable speakers.

Ewan Wylie, Malcolm Hollis LLP,
Fraser of Allander Scotland's Budget Briefing, 26 September 2017

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