A NO DEAL Brexit would do ‘fundamental damage’ to Wales’ economy, according to a report released by the Welsh Government.

The A Brighter Future for Wales report outlines the reasons why the Welsh Government would rather remain in the EU than leave with a no deal.

It reads: “A no-deal Brexit would be a disaster with the risks to our well-being growing, not diminishing overtime.

“It would do fundamental damage to our economy in the same way that the Thatcher Government did in the 1980s, threaten our rights at work, undermine our environmental standards and protections, weaken our public services by reducing the tax-base and the access to skills, reduce our access to funding for investment in our infrastructure, our research base, and our skills, including, critically, apprenticeships, and threaten devolution.

“By contrast, in an increasingly inter-dependent world, remaining in the EU would provide us with a platform of economic stability and an opportunity to work with others to increase action to combat the environmental emergency and improve rights at work.

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“Wales would continue to be a net beneficiary of EU funds and Welsh citizens would continue to be able to take advantage of the right to travel, live and work across Europe.”

It also calls for any final decision to go back to the people in a new referendum.

Counsel General and Brexit Minister Jeremy Miles said: “We strained every sinew in our efforts to build consensus around a form of Brexit which respected the results of the 2016 referendum but limited the damage to our economy.

“However, it now seems clear that the choice facing us all under this Government has narrowed to one between a no deal Brexit and remaining in the EU.

“And the single greatest myth of no deal is that it will bring an end to the Brexit trauma. People should not be fooled that a no deal Brexit will be the end of three years of uncertainty – we will still need a deal with the our nearest neighbours at some point and a crash-out will make these negotiations all the more difficult.

“It [the report] provides evidence for why a no deal Brexit would be a disaster for Wales, and why, should we remain in the EU, it would still be possible to address some of the concerns which fuelled the vote to leave.

“Faced by the imminent threat of a no deal Brexit, the decision needs to go back to the people, and it is in the interests of all the people of Wales that the UK remains in the EU.”

But Welsh Conservative Leader, Paul Davies AM, argues the report is an example of the Welsh Government "talking down our country."

He said: “Welsh Labour constantly complain about people talking down our Welsh NHS, our Welsh education system and our country when highlighting their failings.

“However, this document is nothing more than talking down our country and is short-sighted in its in vision for Wales.

“Following Brexit, the Governments of the UK will have the flexibility to make decisions and develop policies affecting the specific needs of their people.

“The Welsh Conservatives believe fully in the people of Wales to take on the challenge of adapting to life outside the European Union and we will ensure that their views are respected by fulfilling the outcome of the 2016 referendum.”