for subscribers

Brexit may cut tax revenue by 13%

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

London - Brexit will hit the Scottish economy and cut the semi-autonomous government’s tax revenue by as much as 13% by 2030, First Minister Nicola Sturgeon’s administration said.

Depending on the post-Brexit trading arrangement adopted by the UK government with the remaining 27 European Union nations, Scottish gross domestic product could be as much as £11.2bn a year lower in 2030 than it would have been if Britain remained in the bloc, the Scottish government said in a report citing analysis by a range of research groups. In turn, that would reduce tax income by as much as £3.7bn a year.

“The only way to protect Scotland’s economy – and the clear benefits which come from being part of the world’s biggest single market – is to work to ensure we protect our relationship with the EU,” Sturgeon said in a statement on the Scottish government’s website.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
17.54
(+0.10)
ZAR/GBP
22.98
(+0.04)
ZAR/EUR
20.66
(-0.01)
ZAR/AUD
12.59
(+0.05)
ZAR/JPY
0.17
(-0.04)
Gold
2034.54
(+0.03)
Silver
28.27
(+0.11)
Platinum
961.50
(+0.38)
Brent Crude
44.55
(-1.53)
Palladium
2166.01
(+0.63)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 937 votes
It depends on how the funds are used.
74% - 6259 votes
No. We should have gotten the loan elsewhere.
15% - 1286 votes
Vote