Britain’s potential exit from the European Union (EU), known as Brexit, could cost the UK economy £100 billion (USD 145 billion) and lead to nearly one million job losses, a new study finds.
The research, conducted by professional services firm PwC on behalf of business group the Confederation of British Industry (CBI), said on Monday that Brexit’s cost would pose a “serious shock” to the British economy by 2020 – equivalent to five percent of annual gross domestic product (GDP).
“This analysis shows very clearly why leaving the European Union would be a real blow for living standards, jobs and growth,” said Carolyn Fairbairn, the director general of the CBI.
“Even in the best case this would cause a serious shock to the UK economy,” Fairbairn added.
According to the study, leaving the EU may raise the unemployment rate in the UK by 2-3 percent.
The Vote Leave campaign, which is in favor of an exit, refuted the study, with chief executive…