Brexit will “leave UK poorer”, says Treasury

The Treasury is due to release a 200-page report today with the conclusion that a Brexit would be dismal for Britain’s future.

It warn that Britain’s national income could be 6 percent smaller by 2030 if the UK leaves the European Union, with the size of the cut in GDP being the equivalent of about £4,300 a year for every household.

In an article for the Times on Monday the chancellor wrote: “The conclusion is clear for Britain’s economy and for families – leaving the EU would be the most extraordinary self-inflicted wound.”

Asian shares slip on OPEC deal failure

Asian shares were down across the board on Monday, with Tokyo’s Nikkei leading the way down 3.40 percent.

All Asian markets closed in the red, with Shanghai Composite down 1.44 percent and 0.73 percent.

The poor sentiment spread to European markets upon open this morning, with the FTSE currently down 0.54 percent, the CAC40 down 0.49 percent and the DAX down 0.27 percent (0921GMT).

Business secretary attends world steel summit in Brussels

In the wake of the sale of Tata Steel’s UK plants, business secretary Sajid Javid will hold talks in Brussels with 27 nations to “seek solutions to the overcapacity crisis”.

The sale of Tata Steel’s plants, which were reportedly losing over £1 million per day, may result in the loss of thousands of jobs and has led to the government being urged to partly privatise Britain’s waning steel industry.

The talks will seek to work out how governments can “facilitate market-driven industry restructuring” and aims to “agree on steps to reduce competition-distorting policies”.

18/04/2016