Peter Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the findings of the report from the National Institute of Economic and Social Research, said:

“This detailed analysis confirms that Boris Johnson’s deal could leave the UK £70 billion worse off, punching a hole the size of Wales in the UK economy.

“This disastrous deal will result in a huge gap in our public finances, creating a breeding ground for more Tory cuts.

“The fact that Johnson has tried to force this botched deal through shows he does not care about the living standards of millions of people, and cannot be trusted with our economy.”