Business and Economics

“If you are going to succeed with batteries, you need big manufacturers to be in the same market using those batteries."

The full consequences of the UK’s exit have been “clouded” by the Covid crisis, war in Ukraine and global slowdown, he said.

Analysts had predicted that the economy would shrink by 0.3 per cent for the month.

His total losses far surpass the previous record of $58.6 billion, set by Japanese tech investor Masayoshi Son in 2000.

More than two-thirds of companies also said they need to reduce staff costs.

"The UK suffers from an energy shock as bad as Europe's, an inflation problem as bad as the US and a unique problem of labour supply."

Low growth, high inflation, soaring business costs and squeezed productivity cushioned by.... cheese.

“The UK chose Brexit in a referendum, but the government then chose a particularly hard form of Brexit, which maximized the economic cost."

The results showed that 44 per cent of firms surveyed also faced difficulties in getting visas for staff post-Brexit.