New research by the London School of Economic’s (LSE) Centre for Economic Performance and the Liberal Democrats has revealed just how damaging a “no deal” Brexit will be to North Somerset.

Experts estimate that a “no deal” Brexit will mean an economic hit of more than £1billion to the district.

David Davis and other members of the cabinet have recently been talking up a “no deal” Brexit, but this data shows that the country simply couldn’t afford it.

If the UK exits the EU in March 2019 without a deal, Britain’s economic output (gross value added) in the five years after Brexit would be reduced by 5.3%, or £430 billion.

Even if the UK agreed to a Norway style arrangement with full single market access, this would still result in a reduction to five-year economic output of 2.9%, or £235 billion.

Councillor Mike Bell, Leader of the Lib Dems on North Somerset Council, said: “However you voted in the referendum, a failure to reach a deal with the EU on exit will be disastrous for North Somerset and the whole of Britain.

“The LSE study shows that our local economy would be £1 billion worse off over five years if no Brexit deal is agreed. The Government must get to grips with their shambolic negotiation strategy and get a deal.”