George Osborne, Chancellor of the Exchequer, announces HM Treasury analysis at the NCC

On 18th April 2016, the NCC was delighted to host a visit from George Osborne, Chancellor of the Exchequer, to announce the HM Treasury analysis outlining their view of the long-term economic impact of EU membership and the alternatives. The Chancellor presented the report alongside Amber Rudd Secretary of State for Department of Energy and Climate Change, Stephen Crabb, Secretary of State for Work & Pensions, and Liz Truss Secretary of State for the UK Department for Environment, Food and Rural Affairs.

Above: George Osborne, Chancellor of the Exchequer,  Amber Rudd, Department of Energy and Climate Change, Stephen Crabb, Secretary of State for Work & Pensions, and Liz Truss, UK Department for Environment, Food and Rural Affairs presenting the HM treasury analysis.

As detailed in the report, they discussed the three scenarios available if the UK were to leave the EU: the European Economic Area (EEA), the bilateral deal with the EU and a trade relationship with the EU under World Trade Organization (WTO) rules. The impact leaving the EU will have on UK industry and international trade, consumer income, jobs and taxes was also outlined.

Key statistics on the impact of leaving the EU include: 

  • The UK economy will be 6% smaller than it would otherwise be by 2030.
  • It will cost every household in the country £4,300 a year.
  • An 8% increase in the basic rate of income tax.
  • The UK’s public finances will see reduction of £36bn a year - equivalent to raising the basic rate of income tax by 8p.

The NCC hosted over 120 individuals from across, industry, academia, media and government. The visit was a fantastic opportunity for the NCC to showcase its state-of-the-art facilities, presenting a variety of work from customers and Members, such as the Varsity project lead by Jaguar Land Rover, the Rolls-Royce CTi Blade and the GKN and Airbus Ground Based Demonstrator project.

Above: Jack Cheasley, Research Engineer at the NCC,  George Osbourne, Chancellor of the Exchequer,  Prof. Nishan Canagarajah, Pro Vice-Chancellor at the University of Bristol, Chris Skidmore, Local MP for Kingswood, and Harry Clegg, IDC Student at the NCC.

Click here to access the full Treasury document.

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