UK government spending watchdog confirms what we already knew: There really is NO BREXIT DIVIDEND

The Leave campaign infamously claimed Brexit would result in a £350m a week dividend for the UK.

This is not news.

We’ve been saying this ever since the stupid ‘Brexit bus’, with its lie that £350 million per week would become available for the NHS, was first rolled out.

And the Institute for Fiscal Studies made it clear that there is no ‘Brexit dividend’, exactly one month ago – as reported by This Site here.

It isn’t even news that known liar Theresa May has used the Leave campaign’s lying ‘Brexit dividend’ claim to lie to the country again. What else are we to expect from a liar?

The Government’s official and independent spending watchdog has confirmed that there will be no “brexit dividend” for the UK, despite the claims of ministers.

Theresa May said last month that the extra £20bn a year pledged to fund the health service would be partially paid for by UK money no longer being sent to the European Union.

That claim was universally slammed by economists as grossly misleading, since the Government’s own projections suggest Brexit is already weakening the public finances, rather than strengthening them and that any fiscal gains from zero EU payments will be wiped out by feebler tax revenues.

The Government has also already earmarked much of those net £13.3bn a year EU budget payments for other major spending items such as support for farmers and science.

And on Tuesday the Office for Budget Responsibility, established in 2010 to provide authoritative and independent fiscal forecasts for the Government, confirmed that no Brexit boost for the public finances is expected.

“Our provisional analysis suggests Brexit is more likely to weaken than strengthen the public finances overall,” the OBR said in its latest Fiscal Sustainability Report.

Source: ‘Brexit dividend’ for health service a myth, Government’s official spending watchdog confirms | The Independent

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3 thoughts on “UK government spending watchdog confirms what we already knew: There really is NO BREXIT DIVIDEND

  1. NMac

    I very much doubt he right wing press will report these vital facts. They want their readers to remain in cloud-cuckoo-land.

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