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Brexit worse for the UK economy than Covid pandemic

The impact of Brexit on the UK economy will be worse than that caused by the pandemic, according to chairman Richard Hughes from UK fiscal watchdog the Office for Budget Responsibility, the OBR had assumed leaving the EU would “reduce our long run GDP by around 4%”, adding in comments to the BBC: “We think that the effect of the pandemic will reduce that (GDP) output by a further 2%.”

Hughes stated: “In the long term it is the case that Brexit has a bigger impact than the pandemic”, hours after the OBR responded to Rishi Sunak’s latest budget by saying it expected inflation to reach 4.4% while warning it could hit “the highest rate seen in the UK for three decades”.

It came as Downing Street vowed to retaliate against France if Paris goes ahead with a ‘disappointing and disproportionate’ threat to impose sanctions in an escalation of a row over fishing boats. The French government dramatically warned it will block British vessels from some ports next week if the post-Brexit dispute over fishing licenses is not resolved.


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