Brexit: Tony Blair warns of long-term damage to UK services sector

Former PM’s thinktank predicts impact could be twice that felt by export industries, with Chequers little better than no deal

Brexit will inflict long-lasting pain on Britain’s service sector, Tony Blair has warned as a report said Theresa May’s plans will be only marginally better than no-deal on the dominant industry.

An analysis carried out for the former prime minister’s Institute for Global Change said that crashing out and trading on World Trade Organisation (WTO) terms would see productivity 4.91% lower in 12 years’ time than if Britain remained in the customs union and single market.

Related: May faces Brexit battle as DUP threatens to sabotage government

Continue reading…