UK Economy 4% Smaller Because of Brexit, OBR’s Hughes Says
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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.
“It’s a shock to the UK economy of the order of magnitude of the sorts of other shocks we’ve seen from the pandemic, from the energy crisis,” Richard Hughes said in an interview with the BBC. “Those have also had percentage-point impacts on the level of output in five or 10 years’ time.”