The Union Flag on the Palace of Westminster in London (Photo: Ввласенко/Wikimedia Commons) - Credit: The Union Flag on the Palace of Westminster in London (Photo: Ввласенко/Wikimedia Commons)
Brexit could cost trade partner Netherlands €10 billion
If the Brits decide to leave the European Union, it will cost the Netherlands up to 10 billion euros in the period to 2030, according to the Central Planning Bureau. The Netherlands is one of the U.K.'s major trading partners and will therefore be hit harder by a so-called Brexit than other EU countries, ANP reports. The 10 billion lost euros are the result of declining trade due to companies' uncertainty. The amount comes down to an economic loss of 1.2 percent of gross domestic product until 2013. According to the CPB, the Brexit can also lead to less innovation. If that is the case, the damage to the Netherlands will be up to 65 percent higher. The chemical, plastics and rubber, electronics, metal, food and automotive industries in particular will be hit, dropping 5 percent if the Brexit happens. The Netherlands can reduce the negative impact of Britain leaving the EU by 20 percent if the two countries sign a free trade agreement, according to the CPB. The Brits will be voting on whether or not to leave the European Union in a referendum scheduled for June 23rd.