Confederation of British Industry warns of ‘serious shock’ for UK exit vote

The UK economy would face a “serious shock” even if were to strike new trade deals rapidly after leaving the EU, the Confederation of British Industry — the CBI — has said in a major report published today.

In a robust contribution to the UK debate ahead of its referendum in 13 weeks’ time, the business group says there are no rosy outcomes if Britain were to vote for a so-called Brexit on June 23.

Even the most favourable scenario under which the UK strikes a new free trade agreement with the remaining EU bloc within five years of the vote to exit would cost its economy £55 billion (€70.5bn).