Plaid welcomes IFS report highlighting importance of single market membership

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Plaid Cymru Treasury spokesperson Jonathan Edwards MP has today welcomed a new report by the Institute for Fiscal Studies highlighting the importance of continued membership of the European single market to the UK economy.

Mr Edwards, who has made the case for Wales to remain a member of the single market since the vote to leave the European Union, said that the Welsh Government must spell out the steps it intends to take to protect the economy from the worst impact of Brexit.

Plaid Cymru's Jonathan Edwards MP said:

"Plaid Cymru welcomes this important report which highlights the importance of single market membership to the UK economy.

"The economic case is clear. As I have argued since the vote to leave the European Union, access to the single market is not enough - full membership is required if Wales and the wider UK are to maintain the trading relations they currently enjoy throughout the continent.

"We are under no illusion that this option poses challenges, but with the IFS estimating that Single Market membership could be worth 4% on GDP compared to relying on World Trade Organization terms, it is a route which must be pursued.

"Uncertainty is toxic for the economy - I urge the UK and Welsh governments to move swiftly to make it crystal clear that full single market status is the preferred and priority option."

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