Brexit has been dubbed one of the biggest self-inflicted wounds in economic history by the Guardian’s Phillip Inman.
New predictions from Bank of England policymaker, Jonathan Haskel has revealed the split with the European Union has dealt the UK economy a “productivity penalty” of £29 billion, or £1,000 per household.
Haskel said a wave of investment “stopped in its tracks” in 2016 following the vote.
His findings come hot on the heels of revelations from the Centre for European Reform (CER) that Brexit has reduced UK tax receipts by £40 billion a year.
Figures from the Office for National Statistics and the Office for Budget Responsibility paint a similarly grim picture, leaving Jeremy Hunt with a big headache ahead of his spring budget.
It has led Inman to conclude that Brexit has chased away many of the big foreign firms that once used the UK as a base inside the single market and discouraged domestic firms from expanding EU trade.
“As self-inflicted disasters go”, he says, “it ranks as one of the worst in modern economic history”.
