Brexit has cost the UK economy £29bn, Bank of England official says via IrishTimesBiz
He acknowledged that, in the period up to 2016, the UK had had a “bigger slowdown in productivity [than other countries] up to 2016, but we had a lot of investment”. He said that the UK economy was just starting to recover in the run-up to the Brexit vote “but then we were stymied again”.
The Bank of England policymaker also suggested that delays in the NHS might be responsible for a rise in economic inactivity in the UK that runs counter to the experience in most other countries. He said the inactivity rate in 15-64 year olds had increased by 0.8 of a percentage point between the fourth quarter of 2019 and the third quarter of 2022.
The comments come as British wage and inflation data this week are likely to support arguments from Bank of England policy hawks, including Prof Haskel, who want to keep raising interest rates, adding to the quickest surge in borrowing costs in three decades. Economists expect two separate reports will show that consumer prices are still rising at a double-digit pace and that companies are boosting pay at the quickest pace on record, excluding the year that was distorted by pandemic lockdowns.
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