Ceredigion Preseli MP Ben Lake has said the “damage Brexit has inflicted on communities in Wales has been significant and far-reaching”, as research suggests £184m could be injected into Wales’ economy per year if the UK re-enters the European Union.

The new study, modelling the key benefits of membership, was commissioned by Best for Britain and carried out by Frontier Economics.

It assesses the impact of closer UK-EU integration, the regional effects for local economies and the effect of US tariffs being imposed by Donald Trump.

It says that” reinstated EU membership and the resulting economic upswing could recoup at least two-thirds and up to 90 per cent of the economic loss inflicted by Brexit that has damaged local economies across the UK including in Wales.”

It comes after polling conducted by YouGov and commissioned by Best for Britain found that over half of Welsh voters (57 per cent) would support UK membership of the EU, with just a third (30 per cent) opposed.

Best for Britain said: “There is widespread discontent in Wales with the status quo in UK-EU relations, and active opposition to further loosening ties with the EU.

“Overall, only three in ten voters (27 per cent) support keeping the UK-EU relationship as it is now, and around three in five (55 per cent) oppose further divergence from the EU.”

Campaigners are now urging the next Prime Minister to signal the UK’s intent to renew EU membership to “boost economic growth in Wales and across the UK, shield local economies from Trump’s hostile and chaotic tariff policy, and fund vital public services.”

Ben Lake, MP for Ceredigion Preseli and Plaid Cymru’s Treasury Spokesperson, said: “The damage Brexit has inflicted on our communities in Wales has been significant and far-reaching: the Welsh economy is at least £4bn smaller as a result, exports have fallen by £1.1bn, and the consequences of more trading barriers have been felt by farmers, small businesses, and key industries, while households have also been hit hard by higher prices.

“This report highlights the substantial benefits of closer alignment between the UK and the EU, and in reality, the findings only confirm what we already know - the deeper the integration, the greater the economic gains.

“Plaid Cymru has long argued that rejoining the Single Market and Customs Union would strengthen the Welsh economy and safeguard Welsh interests in an increasingly uncertain world - closer cooperation with our nearest trading partners is the most practical and effective way to support Welsh agriculture, industry and communities, while placing Wales’ economy in a stronger position for the future.”

Naomi Smith, Chief Executive of Best for Britain, said: “After ten years of trade friction, soaring bills and a cost of living crisis hammering hard-working families, a new UK Prime Minister now has a chance to transform Wales’ fortunes, put money back into people’s pockets and help local businesses thrive.

“Both the public and the data are clear: as this research sets out, EU membership is the quickest and the most popular way to get Britain growing again.”