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There's something magic about Brexit and 10% (if we allow a bit of vigorous rounding...)
- 10% of the trade deals we need
- 10% of the haulage permits we need
- 10% of financial assets of the City moved to the EU27
- 10% fall in GDP after a no-deal Brexit
- 10% tariff on cars
- 10% of the trade deals we need
- 10% of the haulage permits we need
- 10% of financial assets of the City moved to the EU27
- 10% fall in GDP after a no-deal Brexit
- 10% tariff on cars
Bear in mind that a 10% fall in GDP means a > 10% fall in the total tax take. As incomes and profits drop, HMRC's slice gets less and less. This translates to a return to austerity on steroids.
This effect is multiplied when it comes to the loss of well-paying jobs. Not only a loss of income tax, but an increase in the demands on the public purse in the form of benefits etc.
