File photo of Boris Johnson making his Vote Leave speech in Preston, Lancs., along with Michael Gove and Priti Patel as they bring their Brexit roadshow to the Lancashire city. 1 June 2016. The bus used in the Vote Leave campaign has now been bought by Greenpeace.

“Being £900 worse off might not seem a lot to Tory cabinet ministers but for many it pays for family’s summer holiday”

GMB, Britain’s general union, has criticised the Government’s approach to Brexit after Mark Carney told MPs that the vote to leave the EU referendum has so far cost each UK household £900.

The governor of the Bank of England made his remarks while giving evidence of a committee of MPs, stating his belief that the effects of the EU referendum in June 2016 had lowered the UK’s GDP by 2%.

Carney said: “If you look at where the economy is today, relative to that forecast, it’s more than 1 per cent below where it was despite very large stimulus provided by the Bank of England, a fiscal easing by the government and global and European economies, which are much much stronger than they were previously.

“If you adjust for those factors, the economy is about one and three-quarters – one and a half, one and three-quarters, up to 2 per cent – lower than it would have been.

“Real household incomes are about £900 per household lower than we forecast in May of 2016, which is a lot of money.”

Tim Roache, GMB General Secretary, said: “Being £900 worse off might not seem a lot to Tory cabinet ministers but for many people it pays for their family’s summer holiday.

“The Government’s approach to Brexit simply hasn’t focused enough on people’s jobs and living standards.

“This adds salt to the wounds for working people who are still being made to pay for a financial crisis caused by bankers ten years ago.”


The Brexit assessments the Government didn’t want released have been published – now everyone can see what they were hiding

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1 Response

  1. Teejay

    This might be true if there is any evidence that the Treasury could forecast. These are the people who predicted that in the wake of a vote to leave unemployment would fall by 500,000.

    Basically, the economy is what it is, the Treasury have no credibility in forecasting what it would be otherwise.

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