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(1) NEW: Committee for Exiting EU report on the impact of No Deal on Business. We’ve pored over it so you don’t have to. Summary below 👇👇. Worth a read @CarolineFlintMP, @SarahChampionMP… is this what your constituents voted for?
(2) Services account for 80% of total UK GDP. In a No Deal scenario, the introduction of both tariff and non-tariff barriers threatens to place additional costs of between 5-18% on existing arrangements, with small and medium-sized enterprises likely to be the hardest hit.
(3) The automotive industry employs 186,000 people in the UK and accounts for 13% of goods exports. A No Deal would add an estimated £2700 per car in tariffs alone, before accounting for the costs of disruption to highly integrated supply chains.
(4) Investment in the automotive industry is already collapsing under this uncertainty, with Nissan, BMW, Honda and Ford all announcing scaling back of production in 2019 and inward investment in 2018 46.5% lower than the previous year
(5) Two-thirds of UK agri-food exports go to the EU. In a No Deal scenario, tariffs and checks at the border would be required for all exports. The NFU has described the impact of this as potentially ‘disastrous’ for UK farming, putting thousands of jobs at risk.
(6) The UK’s chemical and pharmaceutical sector relies on highly integrated supply chains to maintain the flow of medicines into the UK. No Deal presents a serious risk to the NHS from spiralling costs, counterfeit medicines and significantly longer waiting times.
(7) It is no exaggeration to conclude that there would inevitably be an increase in preventable deaths in the event of No Deal.
(8) The UK’s higher education sector is currently world-leading in science and research and is a source of immense pride for this country. A joint letter from industry-leading representatives described No Deal ‘one of the biggest threats our universities have ever faced’.
(9) We are already seeing the impact of No Deal uncertainty in higher education with reduced numbers of applications from EU students, researchers and technicians. We are losing out on high-value research projects and this is only going to get worse.
(10) These industries were selected by the Committee as likely to suffer the most disruption in the event of a No Deal, but this is just the tip of the iceberg. Millions more jobs and livelihoods are at risk in the event of a No Deal. It is the worst possible outcome bar none.
(11) With a ‘renegotiation’ in the coming months doomed to fail as both candidates are asking for changes that are nothing short of complete fantasy, MPs from all sides of the house must step up in the coming months and categorically reject a No Deal outcome.
(12) It is an utter disgrace that two Labour MPs in the last week, representing the areas that will be hit the hardest, have refused to rule out supporting a government hell-bent on No Deal. A No-Deal outcome flies against every Labour value they supposedly represent.
(13) It is also hugely disappointing, although not entirely surprising, to see formerly ‘moderate’ Conservative MPs (@amberruddhr!) falling behind a No Deal government in desperate bids to save their entitlement to a ministerial car.
(14) Our generation needs MPs more than ever to protect our futures and to find another way out of this crisis, we’d politely suggest taking the lifeline of a People’s Vote to provide democratic legitimacy to any outcome. (ENDS)
