Brexit is costing the UK’s economy £100bn a year, one of the leading media proponents of the split has revealed.
On the third anniversary of Britain leaving the bloc, the nation’s economy is 4 per cent smaller than it might have been.
Analysis by Bloomberg Economics and published in The Telegraph shows business investment in the UK has grown 19 per cent less than the average across G7 economies.
Commenting on the findings, Ana Andrade and Dan Hanson said: “Did the UK commit an act of economic self-harm when it voted to leave the EU in 2016? The evidence so far still suggests it did.
“The main takeaway is that the rupture from the single market may have impacted the British economy faster than we, or most other forecasters, expected.”
The data comes as the IMF downgraded its 2023 UK growth forecast by more than any other G7 nation.
The IMF’s 2023 GDP predictions show growth of 1.4 per cent in the United States, 0.1 per cent in Germany, 0.7 per cent in France, 0.6 per cent in Italy, 1.8 per cent in Japan and 1.5 per cent in Canada.
But the UK is likely to see its economy contract by 0.6 per cent.
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