Larry Summers has given a damning verdict on the economic consequences of Brexit.
The former secretary of the Treasury, who has also served as director of the National Economic Council and president of Harvard University, told BBC Radio 4’s Today programme that the UK’s split with the EU will be remembered as a “historic economic error” which has helped to drive up inflation.
Figures released today show Europe’s inflation has taken a positive turn with a significant drop to 6.1 per cent while the UK rate of inflation remains stubbornly high.
Summer said: “I think Brexit will be remembered as a historic economic error that reduced the competitiveness of the UK economy, put downward pressure on the pound and upwards pressure on prices, limited imports of goods and limited in some ways the supply of labour.”
Commenting on the interview, Marina Purkiss highlighted the economist’s glowing track record, asking “what would he know anyway?”
Watch the clip in full below:
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