Bank of England data suggests Brexit cost UK economy 6% of growth
By
Faisal Islam
Summary
Analysis of internal Bank of England data shows the UK economy suffered a 6% hit from Brexit. Economists reconstructed how the UK would have grown without leaving the EU, finding roughly half the damage came from post-referendum uncertainty and the other half from rising trade barriers. The study examined data the Bank uses to set interest rates, including decisions and financial results of thousands of British companies since the 2016 referendum.
Source
bskyBank of England data suggests Brexit cost UK economy 6% of growthbbc.co.ukKey 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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