Thursday 24 November 2016 12:10 pm

Tony Blair says Brexit could be stopped

Former Prime Minister Tony Blair has said that Brexit may still be halted if concerns around its impact continue to increase.

Yesterday, the Office for Budget Responsibility warned the decision to quit the EU would have a substantial impact on the UK's finances.

And speaking to the New Statesman, Blair has said that the summer's referendum verdict could yet be overturned.

“It can be stopped if the British people decide that, having seen what it means, the pain-gain cost-benefit analysis doesn’t stack up. And that can happen in one of two ways," he said, citing Single Market negotiations as the definitive pivot for Theresa May's government.

“Either you get maximum access to the Single Market – in which case you’ll end up accepting a significant number of the rules on immigration, on payment into the budget, on the European Court’s jurisdiction. People may then say, ‘Well, hang on, why are we leaving then?’

"Or alternatively, you’ll be out of the Single Market and the economic pain may be very great, because beyond doubt if you do that you’ll have years, maybe a decade, of economic restructuring," Blair said.

It comes as the Labour party continues to establish its response to the referendum – shadow chancellor John McDonnell has described Single Market access as a red-line for the party, but warned that full tariff-free trade may be unrealistic.