The Stockholm Chamber of Commerce and the British think tank Oxford Economics have warned in a report that the Swedish economy will suffer and thousands of jobs disappear if the negotiations over the UK’s exit from the EU fail. Almost two years have passed since the Brits voted to leave the EU but it is still unclear how the relationship between the EU and the UK will be formed after Brexit.
According to Andreas Hatzigeorgiou, head economist at the Stockholm Chamber of Commerce, a hard Brexit would hit Sweden because Swedish exports would experience high tariffs. The UK is Sweden’s fourth largest export market, and Stockholm in particular, exports more to the UK than to any other country.
The Chamber believes that up to 8,200 Swedish jobs would be at risk, a quarter in Stockholm. Swedish GDP would be 0.3 percentage points lower up until 2020. The price for Swedish exports to the UK would increase by five per cent, which would lead to lower salaries.
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