LONDON (Reuters) – Britain’s withdrawal from the European Union (EU) has cost 140 billion pounds (162.75 billion euros) a year, or 6% of the British economy, said on Thursday London Mayor Sadiq Khan, who estimates the deficit is expected to reach 10% by 2035.
“It is now clear that Brexit is not working. The hardline Brexit we have reached is dragging down our economy and driving up the cost of living,” Sadiq Khan said, based on a Cambridge Econometrics study. .
In November, the UK’s National Institute for Economic and Social Research (NIESR) estimated the impact of Brexit on gross domestic product (GDP) at a range of 2-3% and 5-6% by 2035.
Jonathan Haskel, a Bank of England policymaker, privately estimated last year that Brexit had hurt business investment enough to cause GDP to fall by 1.3% at the end of 2022, or The equivalent of 1,000 pounds per household per year.
According to the Cambridge Econometrics report, Brexit is expected to cause annual economic growth in Britain to fall by 0.4 percentage points by 2035, as well as a loss of 3 million jobs and reduced investment. by a third at the same deadline.
Assessing the implications of Brexit has been complicated by the COVID-19 pandemic occurring just months after Britain officially left the EU in January 2020.
(Reporting David Milliken; French version Lina Golovnya, editing by Kate Entringer)
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