Establish economic tests to assess readiness for Brexit.

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Establish economic tests to assess readiness for Brexit.

Petition Details

The decision to leave the European Union will have huge consequences for the United Kingdom. The economic tests that were created to assess readiness for EMU provide a model for taking proper account of the economic consequences prior to notifying the EU of our intention to leave under Article 50.

Additional Information

Various attempts have been made to estimate the cost to the UK of Brexit. Such an estimate has to take into account potential loss of trade, inward investment and joint R&D, as well as additional spending on the military, borders, redundancy and pensions, and bureaucracy. This is against the background of record debt (approx. 90% GDP). Parliament should establish metrics for the economic impact of each Brexit scenario (e.g. so-called hard or soft) so that an informed decision can be made.

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