'Hard Brexit' to Slash Up to $82Bln Annually From UK

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Money - Sputnik International
The United Kingdom’s Treasury may lose up to 66 billion pounds ($82 billion) in tax revenues annually in case of the so-called hard Brexit that would leave the country without access to the EU single market, The Times reported Tuesday citing leaked government papers.

A national flag of Switzerland flies in front of a branch office of Swiss bank Credit Suisse in Luzern October 30, 2014 - Sputnik International
Article 50 Effect: Could Switzerland Become Brexit’s Biggest Loser?
MOSCOW (Sputnik) — According to the documents, if the United Kingdom complies with the World Trade Organization rules instead of using benefits of access to the EU single market, while trading with the bloc post-Brexit, the country's GDP may fall by up to 9.5 percent.

On June 23, the nationwide referendum on EU membership was held in the United Kingdom, in which 51.9 percent of voters said the country should leave the bloc. UK Prime Minister Theresa May promised to start the procedure of leaving the European Union by the end of March 2017.

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