The current cost of Brexit is estimated to be £500 million a week, new research has found, suggesting that it will even further rise.
The analysis by the Centre for European Reform also shows that the estimation is a sharp contrast to the £350 million “dividend” pledged by the Leave campaign.
In addition, it indicates that the country’s economy is already 2.5 percent smaller than it would have been, had proponents of Remain won the referendum.
The analysis suggests that the government’s austerity drive would be completed if Britain had voted to remain in the European Union.
Public finances have been harmed by £26 billion a year, over half of the defense budget, translating to a penalty of £500 million a week, according to the report.
Britain is set to leave the EU on March 29, 2019, but the terms of the departure still remain unclear.
Prime Minister Theresa May faces increasing pressure both from the opposition and from…