Brexit cost UK firms £29bn in investment, says BoE rate setter

Tuesday, February 14, 2023

Brexit has wiped £29billion of business investment off British productivity, a Bank of England rate setter has claimed.

"Stopped in its tracks" - Jonathan Haskel, Jonathan Haskel is a British economist.
 
Jonathan Haskel, an outer member of the Bank 's monetary policy committee (MPC) told People in an interview a wave of investments was 'stopped in its tracks for good' after the Brexit vote in 2016.

He added that some of the recent UK productivity slowdown "really goes back to Brexit" with the country finishing bottom of the G7 in terms of investment growth since 2016.

The key Economist said that the Brexit referendum, which the UK was choosing to withdraw from the European Union (EU), and thus to conclude new trade deals, had an impact on productivity due to the decrease in trade.

However, it is still well below the level it would have achieved had investment continued to continue to jump as strongly as it had before the referendum.

 

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