Home Brexit Britain is £66bn poorer due to Brexit

Britain is £66bn poorer due to Brexit

4th Apr 19 11:13 am

Brexit has cost the British economy a staggering £550m per week since the 2016 referendum, as business investment is drying up due over the political shambles in Westminster, a report found.

Standard and Poor’s suggested 3% had been shaved off GDP, since the referendum.

The credit ratings agency said, this equates to “forgone economic activity” of £6.6bn for each of the ten quarters since the leave vote, or £66bn.

S&P said in its publication, Countdown To Brexit, What Might Have Been For The UK Economy. S&P said, “The most visible effect has been the depreciation of the British pound, which triggered an increase in inflation. The ultimate result was to erode household spending power.

“Household spending would have been considerably stronger, in line with GDP had the referendum not occurred.”

Boris Glass, S&P senior economist said, “Uncertainty over the shape and form Brexit will take has increasingly paralysed any forward-looking decision making.

“This is reflected in particular in a contraction of business investment in 2018.”

British businesses have “ventured well beyond the point of no return” this will impact the economy hard, according to the analysis based on the Doppelganger economic method.

“They have reorganised their business structure to comply with regulation and to safeguard unimpeded EU market access. This will also dampen growth while the economy adjusts to the new business environment after Brexit, whether there is a deal or not.”

The report comes as there is complete political paralyses in Westminster.

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