“This is bad news for the Spanish and European economies,” said CEBR deputy chairman Douglas McWilliams. “An independent Cataluña is set to be a prosperous part of Europe in principle with a high level of industrialisation and a sophisticated economy. How much this will change if Spain and the rest of the EU (presumably excluding the UK) decide to discriminate against the potential country is unclear but Spanish officials point to a potential fall in Catalan GDP of as much as 10pc. The experience of Brexit so far suggests that this fear might be exaggerated but investment in the region is clearly likely to be affected until the position clarifies.”