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Hard Brexit hit predicted for Scottish exports
Independent research, published by the National Institute of Economic and Social Research (NIESR) economic think-tank, has highlighted the risks a hard Brexit will have on Scottish exports.
The think-tank warns that UK exports from the services sector could be cut by up to 60 per cent, meaning the equivalent of a £2.3 billion hit for Scotland.
The research also claims that trade in goods could decline by 35-44 per cent, which is equivalent for Scotland, could result in an additional cost of £3 billion.
Michael Russell, minister for UK Negotiations on Scotland’s Place in Europe, said: “This is another report which shows the severe cost to jobs and exports if the UK government removes Scotland from the Single Market against our will.
“Services exports from Scotland to Europe have been growing rapidly in recent years and to stop this growth would be a severe blow to our long-term economic prospects. “That’s why the Scottish Government is exploring every option to protect our relationship with, and place in, Europe and in particular our membership of the Single Market.
“In the next few weeks the Scottish Government will be publishing detailed proposals for Scotland to remain inside the Single Market even if the rest of the UK leaves.”
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