Bank of England data suggests Brexit cost UK economy 6% in lost growth
By
Faisal Islam
Crusty in the right places. Worth the chew.
Summary
Analysis of internal Bank of England data shows the UK economy suffered a 6% hit from Brexit. The study examined data the Bank uses for interest rate decisions and reconstructed how the UK would have grown without leaving the EU. Approximately half the economic damage came from post-referendum uncertainty, while the other half resulted from rising trade barriers after Brexit.
Key quotes
· 3 pulledThe UK economy has taken a 6% hit from the effects of Brexit, according to economists' analysis of internal Bank of England data
About half the economic hit came from the sheer surprise and uncertainty of the post-referendum period while the rest was from rising trade barriers
The study analysed lost growth by trying to reconstruct how the UK would have grown if it had not voted to leave the EU
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