A new study by the UK government suggests that Britain will become poorer economically some 15 years after leaving the European Union.
The analysis published on Wednesday said that the British economy will shrink up to four percent of its Gross Domestic Product (GDP) under a Brexit deal negotiated by UK Prime Minister Theresa May and her government.
The figures announced by Chancellor of Exchequer Philip Hammond showed that if May’s deal is rejected and Britain leaves the EU under any other mechanism, the economic hit will be higher.
The report also added that the economic costs of a Brexit with no deal will be about 9.3 percent of the GDP.
May has to go with her Brexit deal through the British Parliament on December 11. Many expect the deal, which was finalized in an EU summit last weekend, would be rejected in the House of Commons.
Both the British government and the EU have defended the Brexit deal, which came two years after a…