UK: "The UK would be worse off under Brexit" - OECD Chief warns of 'Brexit Tax'

General-Secretary of the OECD Jose Angel Gurria gave a lecture at the London School of Economics, University of London, Wednesday, where he warned against a so-called 'Brexit Tax' that, he argues, would be the result of the UK seceding from the European Union.

Gurria argued that "the UK would be worse off under Brexit." According to the OECD Chief, the UK is already experience the effects of a 'Brexit Tax'. He explained that "already in the previous quarter, business investment is weak as the Brexit issue gained prominence. Brexit costs can also be seen on the financial markets."

During his lecture, Gurria also discussed the proposal from Brexit campaigners that the UK would re-hash its trade deals from outside the European Union. He believes such trade deals would be more difficult to strike, as an "embittered" EU would be incentivised to make Brexit costly "in case somebody would be thinking about following in the same path."

Gurria concluded by asking, "Why spend so much effort trying to recover the benefits of membership in a club which you don't have to leave?"