OECD claims Britons will be worse off if nation leaves EU
Print Edition
THE Organization for Economic Cooperation and Development yesterday claimed that Britons would be financially worse off if they voted to leave the European Union, as new figures showed a slowdown in Britain’s economic growth.
The OECD’s claim, which came as Britons prepare for an EU membership referendum on June 23, followed similar “warnings” from the International Monetary Fund, the G20 and outgoing United States President Barack Obama.
The OECD’s claim sparked anger from the “Leave” campaigners who attacked it for seeking to preserve its taxpayer-funded “global bureaucracy.”
“In some respects, Brexit would be akin to a tax on GDP, imposing a persistent and rising cost on the economy that would not be incurred if the UK remained in the EU,” the OECD said in a new report released in London.
Britain’s gross domestic product would be 3.3 percentage points smaller by 2020 if it left the EU than if it stayed, it alleged.
The impact of economic uncertainty, higher trade tariffs, a reduction in economic migration were risks, it said.
“The UK is much stronger as a part of Europe, and Europe is much stronger with the UK as a driving force,” said OECD secretary-general Angel Gurria.
Campaigners for Britain to leave the EU dismissed the study.
“Jose Angel Gurria is part of a global bureaucracy that feathers its nest with vast expenses claims paid for by taxpayers,” said Robert Oxley, a spokesman for the Vote Leave campaign.
The OECD had recommended Britain join the euro, “so why should we listen to their doom-laden predictions about leaving the EU?” he said.
Opinion polls show Britons are divided on the issue, although the “Remain” camp has a slight lead, and experts warn the uncertainty is already impacting economic growth.
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