Written Statement: Updated analysis of the economic implications of the UK’s exit from the European Union

The annex to this Written Statement covers an updated analysis by the Welsh Government’s Chief Economist of the economic implications of the UK’s exit from the European Union, drawing on material released recently and with a particular focus on the shorter run economic effects of a no-deal Brexit. This economic analysis takes the form of a supplementary note to the paper published by the Welsh Government on 4 December, which reviewed the results of the economic analysis provided by the UK Government on the longer run economic consequences of the UK leaving the European Union.

This analysis serves to reinforce the Welsh Government’s clear and consistent view that a no deal Brexit would cause severe damage to the economy, businesses and jobs in Wales and indeed across the UK as a whole.