Brexit is projected to cost the Scottish economy up to £11.2 billion ($14.77 billion) each year, according to the Scottish government, AAP reported. Leaving the European Union will also hit tax revenues by up to £3.7 billion annually, its analysis found. First Minister Nicola Sturgeon said the figures are further evidence of the need to protect Scotland’s relationship with the EU. The government analysis paper suggests that by 2030, Scottish GDP is projected to be between £1.7 billion and £11.2 billion per year lower than it would have been if Brexit did not occur. Tax revenue is projected to be between £1.7 billion and £3.7 billion lower. The paper is the first in a series that the government plans to publish looking at the potential impact on Scotland of the UK leaving the EU. Sturgeon said: “This paper shows, in the starkest possible terms, the potentially huge cost to Scotland of being taken out of the European Union and the single market.”
