Brexit has already knocked 2% off UK economy & cost households “a lot of money”

Mark Carney, governor of the bank of England has indicated that Brexit has already hit the UK economy and it hasn’t even happened yet.

Carney said that Brexit has taken two per cent off the size of the economy in the UK and has left each household £900 worse off. He described this amount as “a lot of money.”

The Bank of England boss has compared forecasts from before the referendum, assuming that remain had won the national vote.

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

He was speaking in front of the Treasury select committee of MPs, when he said: “Over the course of the last year and a half, there has been an impact [from Brexit] relative to what we would’ve expected – even with some pretty good tailwinds at the back of this economy.”

The UK economy has faired better than Carney had predicated when the Leave vote triumphed. However, he believes that the economy would have been in a much better position if the vote had gone the other way.

A booming Europe and wider global economic growth has not boosted the UK as it should have under normal circumstances.




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