Today’s Autumn Statment revealed that the Chancellor will need to spend more than the £350 million a week the Vote Leave campaign promised would be available for NHS funding to fund the Brexit process.
Compared to the pre-Brexit budget in March, the UK will now be spending over £120bn more than originally planned, costing over £460million extra per week.
This is on top of the cost of our current EU membership fees while we still benefit from EU trade. This borrowing is more than 50% higher than previous estimates by Resolution Foundation of £81bn.
European Movement UK CEO, Matthew Fulton said:
“Whilst the Government is right to invest in the economy during these uncertain times, we can’t ignore that it is now set to spend more than £350 million per week which we were promised would be spent on our NHS, for the next five years to offset the economic cost of Brexit. This is on top of the contributions we still make to the EU. It is hard to believe the economic consequences won’t be worse when we actually leave the EU.
“In light of the new information that the Government will be spending £469 million per week to bolster the economy we feel the public have the right to have their say on whether Brexit is good for them and their family.”
“Given that the referendum was a decision made by the party in power who also pledged to have eliminated the deficit by 2020, the change of circumstances is dramatic.”
Richard Corbett, Chair of the European Movement, said:
“Although some people voted to leave the EU at any cost, many voted to leave at no cost — because that is what they were told was possible. As it is already becoming apparent that there are huge costs involved, they are entitled to say that that is not what they voted for — and demand a further say.”
Figures from the Treasury’s Autumn Statement show massive hike in spending plan