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EU exit could cost UK economy £100bn and 950,000 jobs - CBI report

EU and UK flags fly above the EU Commission offices in Westminster, London. David Cameron is making final efforts to bolster support for his proposed European Union reforms before a crunch summit. PRESS ASSOCIATION Photo. Picture date: Wednesday February 17 2016. Photo credit should read: Stefan Rousseau/PA

Leaving the EU would cause a "serious shock" to the UK economy, with a potential loss of nearly a million jobs, according to a new business study.

Research commissioned by the CBI also found that Brexit could cost the country's economic output around £100 billion, while "negative echoes" could last for years.

The findings came from an analysis by professional services firm PwC on the potential impact of the UK leaving the EU on trade and investment, examining two different exit scenarios, one at the optimistic end of the range, and the other recognising the likelihood of trade deals being concluded.

Significantly more pessimistic cases could be constructed, said the report.

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