CBI WARNS THAT NO DEAL BREXIT WOULD BE “DEVASTATING” FOR SCOTLAND’S ECONOMY

SNP CALLS FOR NO-DEAL BREXIT TO BE TAKEN OFF THE TABLE

Gavin Newlands, SNP MP for Paisley and Renfrewshire North, has warned that the Prime Minister risks dragging Scotland and the UK down the road to economic self-harm unless she urgently takes a no-deal Brexit off the table, as new analysis reveals that crashing out of the EU without a deal could hit Scotland’s economy to the tune of £14bn a year.

Findings published by the Confederation of British Industry (CBI) Scotland, warns that Scotland would be “significantly exposed” to the economic impact of a no-deal Brexit scenario.

Newlands has called for Theresa May to stop running down the clock and extend Article 50, rule out no deal, and bring forward legislation for a second EU referendum.

The director of CBI Scotland, Tracy Black, commented that the projected analysis would have a “devastating” impact on Scotland’s economy, with the annual loss of £14bn by 2034 being “more than annual public spending on hospitals, GP surgeries and other health services across Scotland.”

Commenting, Newlands said:

“Businesses in Scotland are crying out for certainty, and CBI Scotland is just one of a the long list of organisations who have warned of the catastrophic impact of a no-deal Brexit on Scotland’s economy, public services, businesses, and jobs.

“The Prime Minister is playing games while we hurtle towards no-deal, she must listen to the concerns that businesses are raising.

“The CBI represents 190,000 businesses across Scotland and the UK and has said there is a risk of ‘devastating’ damage to the Scottish economy, we absolutely cannot risk this. We should instead clear a new path as a successful independent European nation.”