EU Exit May Cost UK $82 Bln Per Year – Report

United Kingdom’s GDP may shrink by 2.2 percent should it exit the bloc, according to an analysis published by the Open Europe think tank.

MOSCOW (Sputnik) — Britain's possible exit from the European Union may lead to the country losing some $82 billion a year until 2030, a sum large enough to cause a recession, The Telegraph reported Monday citing an analysis published by the Open Europe think tank.

The analysis stated that the United Kingdom’s GDP may shrink by 2.2 percent should it exit the bloc.

According to the analysis, the United Kingdom could benefit from leaving the European Union only if it retained freedom of movement within EU borders and committed to free trade.

The so-called Brexit is strongly supported by UK Independence Party leader Nigel Farage, who claims that exiting the bloc would save London money, which it would then be able to use to reform the troubled National Health System.

British Prime Minister David Cameron, however, proposed an alternative and suggested reforming Britain’s relations with the European Union before the "in/out" referendum he promised to hold in 2017. Cameron said that changes in the EU treaty are needed to adapt rules in areas such as immigration.

In January, Cameron said the referendum may be held even earlier than 2017 if changes to the EU treaty that he has proposed can be satisfied.

According to the Open Europe analysis, the chances of the United Kingdom leaving the European Union during the next parliament tenure are no higher than 17 percent.