The British Independent newspaper quoted Tulip Siddiq as saying: “The United Kingdom has not yet faced 60% of the consequences of leaving the European Union.”
The Economic Secretary of the Treasury Department expected, “The British economy will contract by 4% in the long term due to exit from the European Union, and London’s imports and exports will decrease by 15% if the United Kingdom remains in the Union.”
The Independent newspaper said earlier, “Prime Minister Keir Starmer was under pressure to publish the true costs of his country’s exit from the European Union after confirming that Britain spent approximately 23.8 billion pounds sterling only on withdrawing from the European Union, with another 6.4 billion pounds remaining.” “It still has to be paid.”
The disclosure of this figure comes at a time when the Economic Secretary of the Ministry of the Treasury is trying to raise funds to fill a black hole in Britain’s funds estimated at $22 billion, and the government warned, earlier, that there will be difficult decisions coming about spending, welfare and taxes.
Earlier, former British Prime Minister Boris Johnson said in his book that he suspected French President Emmanuel Macron of organizing a migration crisis in the English Channel as punishment for the United Kingdom for its exit from the European Union.
Source: RT + The Independent newspaper
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Positive impact of Brexit on UK economy
**Interview with Tulip Siddiq, Economic Secretary of the Treasury Department**
**Interviewer:** Thank you for joining us, Tulip. You’ve indicated that 60% of the economic impact of Brexit is yet to be felt in the UK. What specific challenges do you foresee as this impact materializes?
**Tulip Siddiq:** Thank you for having me. As we project forward, we anticipate significant contractions in key sectors of the economy. The reduced trade with the EU—specifically a predicted 15% drop in imports and exports—will put immense pressure on businesses and consumers. We also need to consider the long-term implications for jobs and economic growth, as we estimate a 4% contraction over time.
**Interviewer:** The financial figures surrounding Brexit are staggering, especially the reported expenditure of nearly £23.8 billion just for the withdrawal process. What does this mean for the government’s fiscal policy going forward?
**Tulip Siddiq:** These figures highlight the profound cost of Brexit. As we navigate a £22 billion funding gap, we will have to make very tough decisions regarding spending, welfare, and taxes. Transparency is crucial, and we aim to provide clearer insights into these costs and their implications for the average citizen.
**Interviewer:** Speaking of transparency, there’s a growing call from various sectors for Prime Minister Keir Starmer to disclose the full implications of Brexit. Why do you think this information is critical right now?
**Tulip Siddiq:** Understanding the full scope of Brexit’s impact is essential for informed policymaking and public discourse. The more clarity we provide, the better prepared our citizens and businesses can be to adapt. They deserve to know what challenges lie ahead, especially in such a tumultuous economic climate.
**Interviewer:** There have also been references to potential punitive actions from the EU, highlighted by former Prime Minister Boris Johnson’s remarks regarding France. Do you think this fear of retaliation affects the negotiations and current policies?
**Tulip Siddiq:** While political dynamics can be complex, our focus remains on ensuring a constructive relationship with our European partners. Any fear of retaliation shouldn’t overshadow our commitment to solidifying the best possible arrangements for both trade and cooperation post-Brexit.
**Interviewer:** Thank you, Tulip. Lastly, I want to pose a question to our readers: As the UK continues to navigate the repercussions of Brexit, what are your thoughts on the economic plans put forth by the government? Are they adequate to mitigate the forthcoming challenges, or do you believe a different approach is necessary to safeguard the future of the economy? Let’s spark a debate!
