Downing Street Distances Itself From George Osborne’s ‘£66 Billion’ Brexit Warning

Downing Street has distanced itself from a controversial Treasury report that claimed the UK will lose £66bn a year after ‘hard’ Brexit.

No.10 said that the study used in the EU referendum campaign was just “research” from “some time ago” and that the Government’s focus was on the future.

In what appeared to be a further break with David Cameron and George Osborne’s reign, the Prime Minister’s spokesman repeatedly refused to say that the April Treasury assessment was still the position of the Government.

The warning of an annual £66bn hit to the UK economy from lost tax revenues after Brexit was highlighted in the document, which was pushed by Osborne at the height of the referendum battle.

The paper says: “The Treasury estimates that UK GDP would be between 5.4 per cent and 9.5 per cent of GDP lower after 15 years if we left the EU with no successor arrangement, with a central estimate of 7.5 per cent.

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