Brexit Will Damage Global Economy: Top Tory MPs and Most Economists Agree

If Britons decide to exit from the EU, UK would inevitably experience immense economic uncertainty including a global economic shock that may be consequentially disastrous for businesses according to British MEP David Lidington and several other prominent Tory statesmen.

In his six years of experience negotiating with EU on a number of issues, Lidington predicts a 10-year economic 'limbo' for the UK.

"Trade deals between the EU and other countries and bilateral trade deals of any type normally take six, seven, eight years and counting. Everything we take for granted about access to the single market ...would all be up in the air. It is massive. It is massive what is at risk. You would be in complete limbo and I think what that would do for the pound and for business confidence would be very serious indeed. It could last a decade," Lidington said as quoted by The Guardian.

Also, an overwhelming 90% of British economists questioned by the Center for Macroeconomics at the London School of Economics believe that Brexit would seriously devalue the sterling pound and affect UK's position in the global economy in an era when economies are increasingly integrated according to a recently published survey as mentioned in a report by Independent.

Meanwhile, as the G20 meeting in Shanghai ended, British Chancellor Exchequer George Osborne warned that the June 'Brexit' referendum is 'deadly serious' for the future of the UK which is strongly rejected by Euroskeptics.

"The British people will not take kindly to being told by the G20 what they should do. And the notion that the UK leaving the EU would cause an economic shock is absurd. Fifteen of the members of the G20 are outside the EU, and that hasn't caused an economic shock. Indeed, most of them are doing better than most of the members of the European Union," remarked former Chancellor Lord Lawson as quoted saying in a BBC News report.