Brexit has already cost UK economy £80bn – Bank rate-setter
Brexit has already cost the UK economy at least £80bn since the EU referendum, and a damaging no-deal scenario could force an emergency cut in interest rates, according to a Bank of England rate-setter.
Gertjan Vlieghe, a member of the Bank’s monetary policy committee, said that since the vote in June 2016, the economy had lost about 2% of GDP compared with a scenario where there had been no significant domestic economic events.
Britain had lost about £40bn a year, or about £800m a week of lost income, he said, in the period since the referendum as its economy stalled while the rest of the world recorded one of its strongest expansions of the past decade.
Brexit has already cost UK economy GBP80bn – Bank rate-setter | Business | The Guardian
Brexit has already cost the UK economy at least £80bn since the EU referendum, and a damaging no-deal scenario could force an emergency cut in interest rates, according to a Bank of England rate-setter.
Gertjan Vlieghe, a member of the Bank’s monetary policy committee, said that since the vote in June 2016, the economy had lost about 2% of GDP compared with a scenario where there had been no significant domestic economic events.
Britain had lost about £40bn a year, or about £800m a week of lost income, he said, in the period since the referendum as its economy stalled while the rest of the world recorded one of its strongest expansions of the past decade.
Brexit has already cost UK economy GBP80bn – Bank rate-setter | Business | The Guardian
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