Taxes would have to rise or public services be cut to make up the shortfall, a new report has warned
Labour’s plans for a customs union with the EU afterKeeping the UK tied to the trading bloc would deliver an £80 billion hit to the UK’s national income the National Institute of Economic and Social Research has warned.
Jeremy Corbyn is pushing to keep the UK in the customs union while leaving was always something Mrs May would not reconsider. Filling that shortfall would mean public service cuts, higher borrowing or tax rises equivalent to 2.5p on the basic rate of income tax, the think tank said.
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