Britain will be economically worse off in any scenario outside the EU, the government said Wednesday, as the Bank of England warned that a no-deal Brexit would trigger a financial crisis.
The government's plans for post-Brexit ties with the European Union would still cost the economy around 3.9 percent of gross domestic product over 15 years, a government report found.
Finance minister Philip Hammond said the departure deal agreed Sunday between Britain and the EU was the optimum way to minimise the cost of leaving the bloc.
The report comes as Prime Minister Theresa May took the divorce deal to a sceptical Scotland, where the fishing industry is concerned about EU access to British waters.
May has less than a fortnight to convince hostile MPs to back the deal in a December 11 vote and avoid plunging Brexit into chaos, four months out from Britain's March 29 departure date.
The report does not exactly model for the deal struck with Brussels, the outlines of which remain vague.
But it found that a reduction in EU immigration would cost the economy more than the current free movement rules.
However it leaves the bloc Britain's GDP will taper, even accounting for the new trade deals it will be able to sign, including with the United States.
But May told lawmakers in parliament: "This analysis does not show that we will be poorer in the future than we are today...
"It shows we will be better off with this deal."
Opposition to the deal struck with EU leaders earlier this month has raised concern about the possibility of Britain crashing out of the EU with no agreement.
The Bank of England on Wednesday said that such a scenario would trigger a financial crisis in which the pound would plunge by 25 percent and house prices would fall by 30 percent.
"Our job is not to hope for the best but to prepare for the worst," Bank of England governor Mark Carney told reporters.
Labour main opposition leader Jeremy Corbyn told May she was running "the most shambolic government in living memory" and May should "accept the reality" that parliament would not back the deal.
"It's not hard to be the best deal, if it's the only deal," he said. "By definition, it's also the worst deal."
Hammond insisted that the economy was not the only consideration and controlling Britain's borders, money and laws also had value.
"We have to look not only at the economy but the need to heal a fractured nation," the chancellor said.
"There will be a cost to leaving the EU because there will be impediments to our trade. What the prime minister's deal does is absolutely minimise these costs," he told BBC radio.
"This is a very modest impact on the overall size of the economy as the optimum way of leaving the EU."
May runs a minority Conservative government and opposition parties, as well as many of her own MPs, are against the deal.
Some Brexiteers think it keeps Britain shackled too closely to Brussels, while pro-EU lawmakers think the terms are worse than staying in the bloc and want a second referendum.
An online Survation poll of 1,030 adults for the Daily Mail newspaper found that 37 percent supported the deal -- up 10 percent on November 15 -- and 35 percent opposed it, down 14 percent.
Some 41 percent wanted MPs to vote for the deal and 38 percent wanted them to vote it down, in the survey conducted Tuesday.
If MPs do reject it, Hammond said the government would "consider very carefully how to proceed" through "uncharted political territory", by studying which MPs voted which way.
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MPs warn that risk of no-deal Brexit choking ports is rising
Theresa May urges MPs to back Brexit deal
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Having spent Tuesday campaigning in Wales and Northern Ireland, May used her visit to Scotland to emphasise that Britain would leave the EU's Common Fisheries Policy after a transition period scheduled to end in December 2020.
"At long last, we will be 'an independent coastal state' again -- taking back full sovereign control over our waters, and free to decide for ourselves who we allow to fish in our waters," May said.
Scottish fishermen are furious they will have to continue obeying EU rules during the transition period, including much-despised quotas and allowing European vessels access to British waters.
Pakistan T20 series squad
Sarfraz Ahmed (captain), Fakhar Zaman, Ahmed Shahzad, Babar Azam, Shoaib Malik, Mohammed Hafeez, Imad Wasim, Shadab Khan, Mohammed Nawaz, Faheem Ashraf, Hasan Ali, Amir Yamin, Mohammed Amir (subject to fitness clearance), Rumman Raees, Usman Shinwari, Umar Amin
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
LIVERPOOL%20TOP%20SCORERS
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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More from Rashmee Roshan Lall
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
UAE currency: the story behind the money in your pockets
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
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