National & International

UK economy down £66 billion since referendum

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A report into the UK economy by Standard and Poor Global Ratings has revealed thatBritain is £60 billion worse off as a result of Brexit, according to Metro.

S&P suggested that since the June 2016 vote, 3% has been shaved off GDP.

That equates to ‘foregone economic activity’ of £6.6billion in each of the 10 quarters since the referendum, or £66 billion, the agency said.

Brexit has also cost the British economy £550 million a week since the referendum, as business investment dries up amid political paralysis in Westminster.

‘The most visible effect has been the depreciation of the British pound, which triggered an increase in inflation. The ultimate result was to erode household spending power’, S&P said in its publication, Countdown To Brexit: What Might Have Been For The UK Economy.

‘Household spending would have been considerably stronger – in line with GDP – had the referendum not occurred.’

It added that external trade did not see any significant boost from the pound’s collapse, contrary to claims from leading Brexit proponents that exports would be boosted


featured image: Briefings for Brexit

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