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Bloomberg — Economy — Brexit Impact — Economics — UK Economy — EU

UK Economy 4% Smaller Because of Brexit, OBR’s Hughes Says

Brexit reduced UK's economic output by 4%, equivalent to the pandemic, due to declining productivity, shrinking workforce, and stagnant investment, constraining living standards.

1 min read
  • Brexit had an impact on UK economy equivalent to pandemic, reducing output by 4%: OBR.
  • Declining productivity, a shrinking workforce, and stagnant investment held back economic growth.
  • UK struggling with tight labor market conditions with 600,000 fewer workers than before the pandemic.
  • Real income to recover in next 3-4 years but people's real spending power won't return to pre-pandemic levels even after 5 years.
UK Economy 4% Smaller Because of Brexit, OBR’s Hughes Says
Leaving the European Union had an impact on the UK economy equivalent to the coronavirus pandemic and likely reduced output by 4%, the chairman of the Office for Budget Responsibility told the BBC.
BloombergAndrew Davis

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