AN SNP MP has called on the Tories to end their “denial” about the negative effects of Brexit on the UK economy.
Speaking in the House of Commons, Tommy Sheppard asked what assessment the Chancellor’s department has made on how Brexit has hit the UK’s finances.
This comes after the Office for Budget Responsibility (OBR) suggested that the post-Brexit trading relationship will reduce long-run productivity by 4% relative to remaining in the EU.
The report added that exports and imports will be around 15% lower in the long run.
Responding to the question, Tory MP and financial secretary to the Treasury Victoria Atkins said global factors such as the war in Ukraine have added pressures to trade.
“The government has been working to take advantage of leaving the EU including through the Edinburgh Reforms, new freeports and the opportunity to shape new trading relationships with the rest of the world”, she added.
The Edinburgh Reforms are a set of plans designed to drive growth and competitiveness in the financial services sector.
SNP MP @TommySheppard calls on the Tories to end their 'denial' over the impact of Brexit pic.twitter.com/iE3dQqSYlK
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Sheppard replied: “It’s not that difficult is it?”, which was met with some laughs from his fellow SNP MPs.
He continued: “The OBR last week published its report and at the bottom of page 46 it says quite clearly it’s predicting that Brexit means the UK economy will shrink by 4% and trade will go down by 15%.
“So isn’t it time to get over this denial phase and actually admit that Brexit has caused irreparable harm to the UK economy or is the OBR wrong?”
Atkins replied by saying the OBR has previously said it is “too early” to reach definitive conclusions on the impact of Brexit.
She added: “The government is focused on taking the opportunities seized by Brexit including the world’s biggest zero tariff, zero quota trade deal, and indeed Scotland itself will benefit from 71 new trade deals secured with non-EU countries and of course control of our fishing waters.
“But I do hope the honourable gentlemen also welcomes the £8.6m invested in Scotland’s festival economy at the Budget last week.”
