NHS Spending

Part of EU Nationals in the Uk – in the House of Commons at 6:12 pm on 6th July 2016.

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Photo of Jeremy Hunt Jeremy Hunt The Secretary of State for Health 6:12 pm, 6th July 2016

The point that many of us made in the referendum campaign is that even the net figure—the more like £100 million net contribution that we make to the EU—is not a figure that we can bank on with any certainty because, even if it did materialise after an exit from the EU, it would be negated by the very smallest of contractions in the economy, which would itself reduce the tax base and the amount of public spending available. The Institute for Fiscal Studies said that that £100 million a week would be negated by a contraction in the economy as small as 0.6%. I do not think any of the economic forecasts said that the contraction would be as small as that; all of them said that it would be much bigger than that.