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Members' Business — S6M-05709 Christine Grahame: Brexit’s Impact on Inflation

Tuesday 22 November 2022 5:14 PM


That the Parliament notes with concern the reported impact of Brexit on inflation and the cost of living across Midlothian South, Tweeddale and Lauderdale and elsewhere in Scotland; further notes that research by the UK in a Changing Europe think tank reportedly revealed that Brexit has increased food prices by 6%; notes reports that sterling has lost 10% of its value, leaving households poor by increasing import costs and inflation while lowering wage growth; is aware of research published by the London School of Economics and Resolution Foundation stating that Brexit has reduced how open and competitive Britain is, leading to, it believes, reduced productivity and wages over the next decade; recognises that the Office for Budget Responsibility reportedly says that Brexit will have the long-term effect of cutting UK GDP by 4%; understands that the Financial Times agreed that such a decline will mean £100 billion of lost output and £40 billion less revenue for the Treasury each year; is concerned by reports that the UK has now fallen behind all other G7 countries in the pace of its recovery from the COVID-19 pandemic, with, it understands, exports down significantly, and notes the view that Scotland will prosper more by regaining its independence and re-joining the EU than by remaining in the UK.

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