Brexit has caused a decline in business investment which is costing the average UK household around £1,000, a leading Bank of England official has warned.
Jonathan Haskell, an external member of the central bank's Monetary Policy Committee (MPC), said investment had been "stopped in its tracks" by the decision to leave the EU. He revealed that the Bank had calculated that the hit to business investment has led to a drop in productivity worth about 1.3 per cent of GDP- around £29bn.
The expert said Britain was an "extreme outlier" when it comes to the productivity slowdown, adding: "We suffered much more. A bit of that is that we have this larger financial sector. But I think it really goes back to Brexit."
This story is from the February 14, 2023 edition of The Independent.
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This story is from the February 14, 2023 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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