Brexit has “permanently damaged” the UK economy, former Bank of England policymaker Michael Saunders warned as London was deposed as Europe’s biggest stock market
Former Bank of England policymaker Michael Saunders Image: PA BREXIT HAS “PERMANENTLY damaged” the UK economy, former Bank of England policymaker Michael Saunders warned as London was deposed as Europe’s biggest stock market.
As well as shifting consumer patterns, the market capitalisation calculations also reflect currency movements, with the pound dropping 13% in value against the US dollar this year while the euro has fallen by a milder 9.2% against the American currency. Saunders, a former external member of the Monetary Policy Committee, told Bloomberg TV there had been a “chaotic period” since the 2016 referendum.“It has reduced the economy’s potential output significantly, eroded business investment.
“The truth of the matter is that the UK gave away far too much for far too little in return,” Eustice told MPs.
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