Brexit will cost Scotland £11.2bn a year, Nicola Sturgeon warns

Nicola Sturgeon - credit First Minister's office

Leaving the European Union is projected to cost the Scottish economy up to £11.2bn per year, Nicola Sturgeon has warned.

The First Minister is due to reveal the latest Scottish Government analysis of the cost of the Brexit at a press conference this afternoon.

The paper warns Scotland’s GDP is likely to be between £1.7bn and £11.2bn per year lower than it would have been if the UK does not leave the EU. This would hit tax revenues by up to £3.7bn.

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Scotland will also be a less attractive location for overseas investors, it says.

Speaking ahead of the press conference, Sturgeon said it showed the “profound and long-lasting impact” of Brexit on public finances.

“That stark picture outlined today means that, whatever the model of relationship with the EU which is chosen by the UK Government in their negotiations before and after Article 50 is triggered, it will not be as economically beneficial as full EU membership,” she said.

“The only way to protect Scotland’s economy – and the clear benefits which come from being part of the world’s biggest single market – is to work to ensure we protect our relationship with the EU.”

However, Scottish Conservative leader Ruth Davidson accused the First Minister of “adding to the turbulence and instability” by suggesting a second Scottish independence referendum.

“Scotland’s had enough referenda for one lifetime,” she said. “It’s time for government to get back to the day job. It’s time we all got back to the job in hand.”

Davidson added Government Expenditure and Revenue Scotland (GERS) figures published tomorrow will show Scotland is “better off” in the UK.