Exclusive:UK rejoining EU would boost Scotland's economy by £583m, says report

The Brexit referendum on June 23 2016 saw a majority of Scots vote to stay in the European Union, while the UK as a whole voted to leave (Jane Barlow/PA)

The UK rejoining the EU would boost Scotland’s economy by £583 million, a new report has suggested.

The study, commissioned by campaign group Best for Britain and carried out by Frontier Economics, suggested Scotland would see a Gross Value Added (GVA) boost of 0.43 per cent under full EU membership. GVA is used to measure local economic growth.

Scottish Labour MP Lillian Jones said rejoining the EU would create "most significant opportunities" for Scotland and that "closer ties with the EU would create more good jobs, strengthen local businesses and open up new opportunities for young people in every part of our country".

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The new study assesses the impact of closer UK-EU integration, the regional and national effects for local economies and the effect of US tariffs being imposed by Donald Trump.

Under each of the scenarios, exposure to a specific change in trade costs resulting from tariffs and/or regulatory alignment reflects the mix of economic activities that take place in Scotland.

Reinstated EU membership and the resulting economic upswing could recoup at least two-thirds and up to 90 per cent of the economic loss inflicted by Brexit across Scotland.

Ms Jones, Labour MP for Kilmarnock and Loudoun, said: "This report highlights the significant opportunities that closer UK-EU cooperation could bring to Scotland and the UK as a whole - and EU membership would deliver most.

"By supporting growth, investment and trade, closer ties with the EU would create more good jobs, strengthen local businesses and open up new opportunities for young people in every part of our country."

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Naomi Smith, Chief Executive of Best for Britain, said: “After ten years of sky-high inflation, soaring bills and a cost of living crisis hammering hard-working families, a new UK Prime Minister now has a chance to transform Scotland’s fortunes, put money back into people’s pockets and help local businesses thrive.

“Both the public and the data are clear: as this research sets out, EU membership is the quickest and the most popular way to get Britain growing again.”