BRITISH HOUSEHOLDS could be hit with an additional ‘Brexit tax’ which could be as much as £5,000 per household by 2020, the leader of the OECD has claimed.
Presenting the organisation’s findings at the London School of Economics, Angel Gurría, OECD secretary-general warned of the potential effects of the UK leaving the European Union, including a drop in national confidence and a 3% slump in GDP.
Discussing the findings of the organisation’s latest report, entitled The Economic Consequences of Brexit: A Taxing Decision, Gurría said: “Leaving Europe would impose a Brexit tax on generations to come. Instead of funding public services, this tax would be a pure deadweight loss, with no economic benefit”.
The OECD also said the UK would suffer from losing ‘unrestricted access’ to the single market, as well as facing barriers when dealing in third-world countries.
“A decision by Britain to leave the European Union would cause a severe negative shock to the economy and weaken GDP growth for many years, equivalent to a cost per household of £3,200 per year by 2030 at today’s prices, and as much as £5,000 in the worst case scenario,” added the OECD.
Rosamond McDowell looks at key changes to inheritance tax policy, which apply from April this year
Richard Asquith of Avalara looks at the non-tariff barriers the UK will face when selling into the EU post-Brexit
Vernon Dennis of Howard Kennedy LLP explores recent and future challenges faced by the insolvency sector
Report argues that the government must change the way it makes tax and budget decisions