European Union (Withdrawal) Act

Part of Leaving the EU – in the House of Commons at 8:12 pm on 14th January 2019.

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Photo of Kirsty Blackman Kirsty Blackman Shadow SNP Spokesperson (Economy), SNP Deputy Leader 8:12 pm, 14th January 2019

I think the UK Government are trying to say as little as possible about the economic analysis because they know that Brexit will damage the economy.

I am specifically focusing on the economy, but I will talk about other things in a few moments. Investors have pulled $1.01 trillion out of UK equity funds since the 2016 referendum. That is an eye-wateringly large figure, and it comes as a direct result of the referendum according to Emerging Portfolio Fund Research, a data provider.

The Scottish Government have said that our GDP would be £9 billion lower under a free trade agreement—that is not under a no-deal scenario—than if we stayed in the EU. Amazingly, the figure is significantly more than even the most Unionist of commentators said that independence would cost the Scottish people. We are stuck with the UK, which is making terrible decisions and cutting more off our GDP than even those least in favour of independence said that independence would cut from our GDP.