The devastating costs of Brexit for UK trade are revealed in OBR warning.

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Brexit will lead to a 15% decline in UK trade, the government's independent financial watchdog has warned.

Leave vote campaigners have argued that Britain's trade would receive a boost from leaving the European Union ahead of the 2016 referendum.

However, in a document published alongside the Rachel Reeves Budget, the Office for Budget Responsibility (OBR) said weak growth in imports and exports over the medium term partly reflects the ongoing impact of Brexit, which will reduce the overall trade strength of the UK economy in the next It is expected to decrease as follows. In the long run, it's 15%.

These figures have led to claims that Brexit is the elephant in the Prime Minister's research.

The Prime Minister said he wanted to reset the UK's relationship with the EU and fix it for the benefit of future generations.

But Labor has specifically ruled out a return to the EU customs union or single market, despite calls to progress plans faster and faster amid warnings about the costs of Brexit on the wider economy.

Prime Minister Rachel Reeves unveiled her first budget on Wednesday (POOL/AFP via Getty Images)

SNP councilor Stephen Gethins said: While the Prime Minister talks about the deficit, the OBR is releasing figures showing the dire impact of Brexit. This has been devastating to our businesses, public sector and overall economy.

Overturning a hard Tory Brexit, rather than accepting it, is the single biggest step the Prime Minister can take today to boost growth and the Treasury's finances.

Brexit is the elephant in the room in prime ministerial studies, he added.

Dr Mike Galsworthy, chair of the European Movement UK campaign group, said: “The independent OBR’s latest figures on UK trade are just the latest confirmation of what we already know: Brexit is not working for workers.

You can't force it to work, you can't force it to work. Bureaucracy is having a serious impact on our economy, especially UK businesses with supply chains reliant on the EU. The Government must take advantage of the reset relationship with Europe and provide long-term stability for British businesses.

“It is now reckless to ignore the serious damage that is continuing to be done to public finances,” he added. “For so long it has been taking away the financial and social well-being of all of us, but has been completely ignored as if it did not exist.” .

This absurd situation must end. “Now we need to hold a forward-looking public inquiry into the real costs of leaving the European Union and the possibilities for repairing the ugly destruction that has already been caused.”

The Treasury has been approached for comment.

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