Britain already £66,000,000,000 poorer because of Brexit

Dereham Norfolk Radio Press Team April 05, 2019
Brexit has cost the British economy £66 billion since the referendum, a report has found. Credit ratings agency Standard and Poor 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.
A pro-Brexit protester demonstrates outside the Houses of Parliament, as Brexit wrangles continue, in London, Britain, April 4, 2019. REUTERS/Henry Nicholls

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. ‘Household spending would have been considerably stronger – in line with GDP – had the referendum not occurred,’ S&P said in its publication, Countdown To Brexit: What Might Have Been For The UK Economy. 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.

STAFFORD, ENGLAND - MAY 17: Boris Johnson MP, Labour MP Gisela Stuart and UKIP MP Douglas Carswell address the people of Stafford in Market Square during the Vote Leave, Brexit Battle Bus tour on May 17, 20016 in Stafford, England. Boris Johnson and the Vote Leave campaign are touring the UK in their Brexit Battle Bus. The campaign is hoping to persuade voters to back leaving the European Union in the Referendum on the 23rd June 2016. (Photo by Christopher Furlong/Getty Images)

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