Under Theresa May’s negotiating position, the U.K.'s GDP would be 2.5 percent lower over 15 years | Sean Gallup/Getty Images
UK worse off under all Brexit scenarios
UK government analysis concluded that under a no-deal scenario, GDP growth was projected to be 9.3 percentage points lower after 15 years compared to remaining.
Updated 11/28/18, 8:23 PM CET
LONDON — Governments don’t usually say their policies will leave the economy worse off, but these are not normal times for Theresa May.
As the U.K. prime minister attempts to sell her Brexit deal agreed Sunday in Brussels to MPs at home, her government produced analysis showing all Brexit scenarios would hurt the economy but the impact of leaving under May’s plans would be significantly less than exiting with no agreement at all.
The government analysis was echoed later in the day by a separate report from the Bank of England, which warned economic output in the U.K. could drop by as much as 8 percent if Britain drops out of the EU without a deal in place, compared to expectations had the U.K. stayed in. That compares to a 6.25 drop during the 2008 financial crisis.
May defended her government at her weekly question-and-answer session in the House of Commons, saying that her deal was the best available to protect the economy and “honor” the 2016 EU referendum result. She was met with widespread criticism, both from the Labour opposition, who dubbed her plan the “worst of all worlds,” and from Brexiteers,