What does Scottish fishing industry think of Theresa May's Brexit deal?

Bank of England BoE flags EU UK Brexit

What does Scottish fishing industry think of Theresa May's Brexit deal?

He said it was "felt widely across all parties" that the full legal advice was published, adding: "I really do hope that the motion that was passed will be delivered in full, because we made it very clear on the day of the debate where we stood and we expect the government to respond in full to the will of the house".

And this would be paired with the predicted increase in Government borrowing by £26.6bn which would be expected under a scenario similar to Mrs May's plans.

In the event of a disorderly no deal, no transition Brexit, Britain's GDP could fall by 8%, according to a worst case scenario analysis by the Bank.

Theresa May has hit back at claims she is too "feart" to go up against Nicola Sturgeon in a TV debate on Brexit, as the Prime Minister insisted her withdrawal deal will be "good for the United Kingdom as a whole".

A Norway-type deal would see a reduction of 1.4 per cent GDP over the 15 year period - less than the 3.9 per cent hit from the current plan - and less than a Canada-type free trade agreement (6.7 per cent).

The analysis does not specifically forecast the impact of Mrs May's deal but it compared the likely impact of the proposals set out in the Government's White Paper with the alternative scenarios.

Ahead of the publication of the report, Chancellor Philip Hammond acknowledged that all possible Brexit options will make Britain economically poorer, compared with remaining in the EU.

Meanwhile, Labour appeared to be inching closer to backing a second referendum, with Mr McDonnell agreeing it will become "inevitable" if the House of Commons rejects Mrs May's plan on December 11 and Labour is unable to force a general election.

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Commons Speaker John Bercow will select the amendments which will be debated and decided on by MPs.

Conservative MP and Brexiter Jacob Rees-Mogg accused Mark Carney of talking down the pound on Wednesday, saying the Bank of England's warnings tonight "lack all credibility". "It will add to the view that the Bank is getting unnecessarily involved in politics and that will further undermine perceptions of its independence and credibility".

Under these conditions, GDP could be expected to be 3.9% lower 15 years after Brexit than if the United Kingdom remained. The assessment said the closest trade relationship would produce the least economic damage.

Having spent Tuesday campaigning in Wales and Northern Ireland, May used her visit to Scotland to emphasise that Britain would leave the EU's Common Fisheries Policy after a transition period scheduled to end in December 2020.

The scenario which most closely reflects the Government's plan would see the Chequers deal tempered by some trade friction and with zero net immigration from Europe.

The BoE also modelled Brexit scenarios based on the agreement between the British government and the European Union, with two separate levels of a deal labelled as Close Deal and Less Close Deal.

Opposition to the deal struck with European Union leaders earlier this month has raised concern about the possibility of Britain crashing out of the European Union with no agreement. If frictionless trade was achieved, the cut would be around 2.5%.

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