'Hard Brexit' could cost 66 billion pounds a year: Times
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. REUTERS/Greg Bos/File Photo
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - The United Kingdom could lose up to 66 billion pounds a year under a "hard Brexit", The Times reported citing leaked government papers.
GDP could fall by as much 9.5 percent if Britain leaves the European Union compared with if it stays within the union, The Times reported.
The 66-billion-pound figure was in a draft cabinet committee paper which was seen by The Times.
A report by consultancy firm Oliver Wyman earlier this week said Britain's financial industry could lose up to 38 billion pounds in revenue in a 'hard Brexit'.
A quarterly survey of 7,000 businesses by the British Chambers of Commerce (BCC) on Monday showed that Business investment and turnover confidence in the UK had hit four-year lows.
Another survey by Deloitte reported that chief financial officers in major British firms reported only a partial rebound in business morale after a post-Brexit vote nosedive.
(Reporting by Parikshit Mishra in Bengaluru; Editing by Sandra Maler)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Far right has second chance in Austrian presidential election
- Green Party's Stein drops Pennsylvania presidential recount petition
- Voting starts in decisive Italian referendum
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!