OECD warns of ‘Brexit tax’ if UK leaves EU

[webfact]

OECD warns of ‘Brexit tax’ if UK leaves EU



British voters face ‘Brexit tax’ if they leave EU
OECD says ‘no upside’ for UK in a Brexit
Leave camp says OECD report is unreliable

LONDON: -- It will cost the average British household the equivalent to a month’s salary of around 2,800 euros by 2020 if they vote leave to leave the European Union in a June referendum.

That’s the warning from the the west’s leading economics thinktank, the Organisation for Economic Cooperation and Development. (OECD).

It was made by its chief Angel Gurria during a lecture in London’s School of Economics.

“Brexit would, rather like a tax, hit the wellbeing and the pockets of UK citizens. Unlike most taxes, however, this one will not finance the provision of public services or close the fiscal gap. The ‘Brexit tax’ would be a pure deadweight loss,” said Gurria.

Echoing the assessment made by the Treasury earlier this month, the chief of the 34-nation OECD said the costs of exit would increase over time. “By 2030, in a central scenario GDP would be over 5% lower than otherwise,” it said, “with the cost of Brexit equivalent to £2,200 per household (in today’s prices).” The Treasury predicted that the economy would be 6% smaller by 2030.

Gurria also said those campaigning to leave the EU were “delusional” over Britain’s trading prospects which he said would suffer from less access to the bloc’s single market.

“Our conclusion is unequivocal. The UK is much stronger as a part of Europe and Europe is much stronger with the UK as a driving force. There is no upside for the UK in Brexit.”

The OECD’s entry into the debate has not been welcomed by the” “Outcampaign challenged the organisation’s credibility, recalling how it had once suggested Britain might benefit from joining the euro currency.

They’ve also accused the organisation of making “improbable assumptions” that a post-Brexit Britain would initially have less favourable trading ties with the EU than South Korea or Mexico.

British economists who support leaving the EU will announce their results shortly.

-- (c) Copyright Euronews 2016-04-28

[Grouse]

Another nail in the Brexit coffin?

Give up yet? ?

Poor Boris.....

[daveAustin]

OECD says ‘no upside’ for UK in a Brexit

Other than sovereignty, security, less migration, control of ones seas and a hefty boost to the coffers (tens of BILLIONS) that would ordinarily be dished out willynilly to anyone with their hand out. Less favourable trading ties than Mexico? So they're all of a sudden going to prevent Britain buying more from the EU than it sells are they? Pfft. Scaremongering tripe.

[Chicog]

Exactly, yet another scare story from the petrified In brigade.

[Rancid]

And why should anyone listen to the OECD? Who do they really work on behalf of?

Headquartered in a former Rothschild chateau in an affluent Parisian neighborhood, the Organization for Economic Cooperation and Development is best known for earnest conferences on economic and social policy. With little outside attention, it also plays a pivotal role enabling global corporations such as Google Inc., Hewlett-Packard Co. and Amazon.com Inc. to dodge taxes by shifting profits into offshore subsidiaries, costing the U.S. and Europe more than $100 billion a year. http://www.bloomberg.com/news/articles/2013-03-18/oecd-enables-companies-to-avoid-100-billion-in-taxes

The OECD report on the economic impacts of Brexit seems like a prime example. The assumptions about what will happen after a deal are a little crazy. http://www.telegraph.co.uk/business/2016/04/27/beware-the-oecd-and-its-faulty-assumptions-on-brexit/

[Steely Dan]

I trust this scare tactic will backfire just as Obama's meddling did according to a recent poll.

[shirtless]

Britain is paying some 250 million pounds per week to the EU ,I am sure For what your getting Brexit is your best option. Look at all the joy being in the Eu has brought you.

[jesimps]

Another nail in the Brexit coffin?

Give up yet? ?

Poor Boris.....

Pure blx. Oh how these champagne socialists dread having their noses removed from the trough.

What was wrong with the common market? The lefties couldn't push their doctrin. Now, they control the finances and the laws of all the EU nations. Time to cut our losses. Unless of course the rest want to return to a loose association of free trading nations. I think most Brits could live with that, after all, it's what most of us thought we were signing up for.

[robertson468]

And how much were they paid to announce this unqualified "guess"?

[soc]

Britain is paying some 250 million pounds per week to the EU ,I am sure For what your getting Brexit is your best option. Look at all the joy being in the Eu has brought you.

l read it was £53million per day, so it would be more like £370million per week.

l'm sure that £370million per week could be more fruitfully spent in Britain.

[lungmi]

The Brexit done, the UK will have no more refugees, but 2 million British immigrants from the EU. Losing the EU citizenship they have no more retirement money, no health care, no social support. Small money will be paid back for investment before. To integrate this people in UK you need much money.

[RickBradford]

A pity that the US opposes Brexit. After all, the US wouldn't exist if they hadn't taken a similarly bold and contentious decision to go it alone.

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them ..."

As for the OECD, the World Bank and the rest of them, they gain kudos and more money from an ever-tighter globalised world, so are naturally horrified at anyone heading the other way. To them, the phrase "national interests" is a curse.

[Grouse]

Britain is paying some 250 million pounds per week to the EU ,I am sure For what your getting Brexit is your best option. Look at all the joy being in the Eu has brought you.

l read it was £53million per day, so it would be more like £370million per week.

l'm sure that £370million per week could be more fruitfully spent in Britain.

Completely incorrect

Benefits from EU exceed costs by a factor of 10

See attached and look at graph of trade with Germany

http://www.economist.com/node/21695544

[attento]

Maybe there is no immediate upside to Brexit.

But what they fail to mention is there is no upside for the British to remain, either.

There will inevitably be more and more taxation imposed from Brussels.

[Grouse]

Exactly, yet another scare story from the petrified In brigade.

Chicog, I am genuinely surprised at your stance on this! With your wit and intelligence you are a statistical outlier. You're entitled to your opinion of course but I just wonder why? ?

[i claudius]

I have been reliably informed that if we leave ,no European country will buy our products America will no longer have a special relationship with us, the sky will turn red the 4 horsemen of the apocalypse will descend on us and a plague of locusts will eat all the farm produce that Britain grows,

[Credo]

A pity that the US opposes Brexit. After all, the US wouldn't exist if they hadn't taken a similarly bold and contentious decision to go it alone.

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them ..."

As for the OECD, the World Bank and the rest of them, they gain kudos and more money from an ever-tighter globalised world, so are naturally horrified at anyone heading the other way. To them, the phrase "national interests" is a curse.

The US President was expressing his opinion on Brexit. The US does not have a position on Brexit. The US will most likely not have a position because whatever Britain does has no direct affect on the US. The Brexit decision affects the UK and Europe, but not the US.

It might have an affect on NATO, though.

[Grouse]

I see the Brexiteers are now reduced to bringing in Minford to their cause

You remember him? Professor of applied economics at that well known academy power house; Cardiff!

Supply side economics reducing much of our manufacturing to dust

He was Thatchers pet and he caused her downfall with the poll tax

Why doesn't he apply his applied economics to help South Wales steel? Oh, hang on, his policies would shut the plant immediately!

And now we also have Boris's poodle, a banker from Standard Chartered ( I really must move my accounts)

IS THIS ALL YOU'VE GOT?

Just give up before any more embarrassment is caused. And be careful who you choose to support you (lost) cause....

[Grouse]

A pity that the US opposes Brexit. After all, the US wouldn't exist if they hadn't taken a similarly bold and contentious decision to go it alone.

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them ..."

As for the OECD, the World Bank and the rest of them, they gain kudos and more money from an ever-tighter globalised world, so are naturally horrified at anyone heading the other way. To them, the phrase "national interests" is a curse.

The US President was expressing his opinion on Brexit. The US does not have a position on Brexit. The US will most likely not have a position because whatever Britain does has no direct affect on the US. The Brexit decision affects the UK and Europe, but not the US.

It might have an affect on NATO, though.

Unbelievable, of course Brexit is bad for USA

We gave you leverage inside the world's biggest trading group

UK leaving woul destabilise the liberal democracy headed by USA since WWII.

You think the USA wants an unstable Europe again

Honestly, words fail me.....

[Steely Dan]

A pity that the US opposes Brexit. After all, the US wouldn't exist if they hadn't taken a similarly bold and contentious decision to go it alone.

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them ..."

As for the OECD, the World Bank and the rest of them, they gain kudos and more money from an ever-tighter globalised world, so are naturally horrified at anyone heading the other way. To them, the phrase "national interests" is a curse.

The forthcoming referendum is acting like a truth serum causing those implacably opposed to the concept of nation states to break cover and reveal their position. The EU might well break up, not necessarily due to the UK exiting, but the recent former Warsaw Pact members must see an ideological super state like the USSR emerging. Then we have the happy game of pass the parcel with millions of third world migrants to come. And we've not even considered the future accession for Turkey. At a cost of $1.2 billion

http://www.express.co.uk/news/world/664849/Britain-donate-billions-to-Turkey-to-join-EU-Vote-Leave-research-taxpayer-money

Edited April 28, 2016 by Steely Dan

[Credo]

A pity that the US opposes Brexit. After all, the US wouldn't exist if they hadn't taken a similarly bold and contentious decision to go it alone.

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them ..."

As for the OECD, the World Bank and the rest of them, they gain kudos and more money from an ever-tighter globalised world, so are naturally horrified at anyone heading the other way. To them, the phrase "national interests" is a curse.

The US President was expressing his opinion on Brexit. The US does not have a position on Brexit. The US will most likely not have a position because whatever Britain does has no direct affect on the US. The Brexit decision affects the UK and Europe, but not the US.

It might have an affect on NATO, though.

Unbelievable, of course Brexit is bad for USA

We gave you leverage inside the world's biggest trading group

UK leaving woul destabilise the liberal democracy headed by USA since WWII.

You think the USA wants an unstable Europe again

Honestly, words fail me.....

No, you fail to comprehend what I said. It's simple. The US doesn't have a position on Brexit and it doesn't have a direct affect on the US. The US President expressed his opinion. It's not the official US gov't's position.

It's a response to a poster who says the US has a position. It does not.

It's an internal matter that will be handled in a democratic matter.

There are consequences, but it doesn't directly affect the US.

[Grouse]

A pity that the US opposes Brexit. After all, the US wouldn't exist if they hadn't taken a similarly bold and contentious decision to go it alone.

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them ..."

As for the OECD, the World Bank and the rest of them, they gain kudos and more money from an ever-tighter globalised world, so are naturally horrified at anyone heading the other way. To them, the phrase "national interests" is a curse.

The forthcoming referendum is acting like a truth serum causing those implacably opposed to the concept of nation states to break cover and reveal their position. The EU might well break up, not necessarily due to the UK exiting, but the recent former Warsaw Pact members must see an ideological super state like the USSR emerging. Then we have the happy game of pass the parcel with millions of third world migrants to come. And we've not even considered the future accession for Turkey. At a cost of $1.2 billion

http://www.express.co.uk/news/world/664849/Britain-donate-billions-to-Turkey-to-join-EU-Vote-Leave-research-taxpayer-money

You reference The Express!

Is this you showing humour?

We have debated Turkey joining EU thoroughly. It is rejected as implausible

As for Nation States PLEASE read the history.

Start with The European Coal and Steel Community. I assume you are familiar with the Marshall Plan

I think you read too much Orwell and don't understand what's really happened over the last 75 years

?

[Mosha]

The Brexit done, the UK will have no more refugees, but 2 million British immigrants from the EU. Losing the EU citizenship they have no more retirement money, no health care, no social support. Small money will be paid back for investment before. To integrate this people in UK you need much money.

A net loss in numbers. There are more European main landers in the UK than Brits in the mainland.

Sent from my SMART_4G_Speedy_5inch using Tapatalk

[Mosha]

Maybe there is no immediate upside to Brexit.

But what they fail to mention is there is no upside for the British to remain, either.

There will inevitably be more and more taxation imposed from Brussels.

UK gets to control it fish stocks.

Sent from my SMART_4G_Speedy_5inch using Tapatalk

[Mosha]

A pity that the US opposes Brexit. After all, the US wouldn't exist if they hadn't taken a similarly bold and contentious decision to go it alone.

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them ..."

As for the OECD, the World Bank and the rest of them, they gain kudos and more money from an ever-tighter globalised world, so are naturally horrified at anyone heading the other way. To them, the phrase "national interests" is a curse.

The US President was expressing his opinion on Brexit. The US does not have a position on Brexit. The US will most likely not have a position because whatever Britain does has no direct affect on the US. The Brexit decision affects the UK and Europe, but not the US.

It might have an affect on NATO, though.

Unbelievable, of course Brexit is bad for USA

We gave you leverage inside the world's biggest trading group

UK leaving woul destabilise the liberal democracy headed by USA since WWII.

You think the USA wants an unstable Europe again

Honestly, words fail me.....

You think the EU is a parliamentary democracy? Think again.

Sent from my SMART_4G_Speedy_5inch using Tapatalk

[RickBradford]

The US President expressed his opinion. It's not the official US gov't's position.

I know very little about US politics. Can somebody tell me, on this issue, what would represent "the official US gov't's position"?

[Linzz]

A pity that the US opposes Brexit. After all, the US wouldn't exist if they hadn't taken a similarly bold and contentious decision to go it alone.

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them ..."

As for the OECD, the World Bank and the rest of them, they gain kudos and more money from an ever-tighter globalised world, so are naturally horrified at anyone heading the other way. To them, the phrase "national interests" is a curse.

The US President was expressing his opinion on Brexit. The US does not have a position on Brexit. The US will most likely not have a position because whatever Britain does has no direct affect on the US. The Brexit decision affects the UK and Europe, but not the US.

It might have an affect on NATO, though.

Unbelievable, of course Brexit is bad for USA

We gave you leverage inside the world's biggest trading group

UK leaving woul destabilise the liberal democracy headed by USA since WWII.

You think the USA wants an unstable Europe again

Honestly, words fail me.....

No, you fail to comprehend what I said. It's simple. The US doesn't have a position on Brexit and it doesn't have a direct affect on the US. The US President expressed his opinion. It's not the official US gov't's position.

It's a response to a poster who says the US has a position. It does not.

It's an internal matter that will be handled in a democratic matter.

There are consequences, but it doesn't directly affect the US.

It's an internal matter that will be handled in a democratic matter.

Really? Very democratic for Cameron to spend taxpayers money to promote it's own propaganda "facts" leaflets to every household in Britain

Where is the corresponding equivalent in taxpayers money outlining reasons to Brexit? Democracy in action, yeah right

http://www.huffingtonpost.co.uk/entry/eu-referendum-facts-leaflet_uk_57053f77e4b01e4956fcddd8

[oldsailor35]

If the EU are so concerned for the Brits over their loss of trade when they leave the union, then let GB keep the trade part but retain its soverignty. Simple then the EU need not worry for GB's sake anymore.

[oldsailor35]

Another nail in the Brexit coffin?

Give up yet? ?

Poor Boris.....

But consider the 350 bil per year that they will retain.

Poor Grouse.....

[oldsailor35]

I have been reliably informed that if we leave ,no European country will buy our products America will no longer have a special relationship with us, the sky will turn red the 4 horsemen of the apocalypse will descend on us and a plague of locusts will eat all the farm produce that Britain grows,

WOW! on that serious evidence, i just might have to vote to stay.