UK Will Lose £237,823 Per Minute Without Access to the EU Single Market
If the UK leaves the EU in 2019 with no deal permitting access to the single market and customs union, it could cost the economy £237,823 every minute of every day in lost economic output by 2020.
It’s not just at home where the pinch will be felt, with the cost to the EU itself £189,307 every 60 seconds. Although this will be shouldered across all the remaining 27 nations.
While the economic picture continues to look bleak for the next two years and further into the future, the current position also makes for difficult reading when viewed as a 60-second economic snapshot.
As we currently stand, the gross Government debt is increasing by £129,566 every minute. However, even the government’s spending commitments look relatively small next to the UK pension deficit, which grows by an eye watering £922,849 every 60 seconds.
It’s not just the Government itself that’s feeling the squeeze. Specifically, every minute the NHS spends £229,284. As the NHS is gripped by another winter crisis, the scale of the financial challenge that needs to be met can be seen starkly when figures are looked at minute by minute.
Most notably, to meet requirements in 2020, the Government will need to pump an extra £57,234 of funds into the NHS every minute of every day just to keep it going. A much higher figure than the additional £7,991 every 60 seconds promised during the Brexit referendum.
Every minute, the UK Government also spends £78,006 on Education, £17,503 on the Police and £66,780 on Defence.
As the government and public services try to make ends meet, the financial situation of many families is also getting harder. The combined expenditure of UK households on food is £152,706 per minute, whilst UK households spend £194,916 collectively per minute on energy and fuel.
Food bill increases come at time when many families are already struggling with significant debts. Per minute across the UK £94,910 is spent repaying personal debts. The need to purchase big ticket items is also driving up financial commitments for families with £60,312 of consumer car credit issued every 60 seconds and mortgage debt increasing by £47,716 each minute.
Amanda Gillam from Solution Loans, the company that compiled the research, said: “When we hear about the economy in the news, sometimes it’s extremely difficult to understand the context and how it actually impacts ordinary people.
“We wanted to break it down into a simple format and look at how much we’ll potentially lose from Brexit, as well as the current position for the Government and ordinary people. The data clearly illustrates the vast sums people and families are spending on essentials such as food, clothing, energy and health and the levels of debt we’re all facing.”
While the average UK household brings in just 5p every minute, a CEO of a FTSE 100 company would earn 170 times more at £8.50. In that same period UK MPs claim £216 in expenses and £91,324 is laundered across the UK.
(Source: Solution Loans)