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Iain Duncan Smith resigns as Secretary of State for Work and Pensions – Post Budget
Reports and statistics
Title: Leaving the EU: implication for the UK economy
Department: PWC and CB
PWC has assessed the potential economic impacts of a UK exit from the EU under two possible scenarios, combining a range of favourable and less favourable assumptions:
– An ‘FTA scenario’ in which the UK negotiates a Free Trade Agreement (FTA) with the EU and both this and other aspects of post-exit uncertainty are resolved within five years of the referendum (i.e. by 2021).
– A ‘WTO scenario’ in which negotiations on post-exit arrangements prove more difficult and prolonged, and trade between the UK and the EU defaults to being conducted under World Trade Organisation (WTO) rules.
– Our model estimates are expressed relative to a counterfactual economic scenario in which the UK remains a member of a reformed EU under the deal secured by the UK Government in February 2016. In the counterfactual, the economy continues to grow at a long-run trend rate of 2.3% per annum.
PWC estimates that total UK GDP in 2020 could be between around 3% and 5.5% lower under the FTA and WTO scenarios respectively than if the UK remains in the EU. In both cases, the largest short-term impact on the economy is felt through the additional uncertainty that would result from a UK vote to leave. The negative impact represents a reduction of around £55-100 billion in UK GDP, at 2015 values.
Response to apprenticeships inquiry
Press release – HM Government – Social Mobility and Child Poverty Commission
The Social Mobility and Child Poverty Commission response to the Select Committee Inquiry into Apprenticeships
The Social Mobility and Child Poverty Commission today (21 March 2016) warned that the government’s drive on apprenticeships is failing to deliver for young people. In a report submitted to the Commons Select Committee on Education, Skills and the Economy’s inquiry into apprenticeships, the Commission pointed out that almost all the recent increase in apprenticeship starts related to people over the age of 24, with the number of young people starting apprenticeships showing little change since 2010.