The Bank of England has posted unprecedented warnings about the state of the UK economy post-Brexit.
Giving evidence before the Treasury Committee, representatives from the institution were unable to hide the impact of Britain’s split with the 27 member union.
Dr Swati Dhingra, who is also a professor at the London School of Economics, said that real wages are lower in the UK because of the 2016 vote.
She said: “It’s undeniable now that we’re seeing a much bigger slowdown in trade in the UK compared to the rest of the world.”
“The simple way of thinking about what Brexit has done to the economy is that in the period after the referendum there was the biggest depreciation that any of the world’s four major economies have seen overnight.
“That contributed to increasing prices and reduced wages – and I’m not talking simply through real wages, but also through nominal wages – we think that number is about 2.6 per cent below the trend that real wages otherwise would have been on.”
Indications that people are waking up to the realities of Brexit were there for all to see in the latest polling, which shows the largest-ever lead for ‘Wrong to Leave’ since 2016.
Overall, 56 per cent of Brits think the UK was wrong to leave compared to 32 per cent who still believe it was the right decision.
It equates to a massive 24 point gap.
Commenting on the polling, Nick Tyrone said: “Already, Brexit looks doomed.”
Lord Heseltine, the president of the European Movement UK, tended to agree with his sentiment.
Speaking in Liverpool he said: “Brexit was never going to get done. Brexit was based on an undeliverable set of promises:
“Get our country back, new trade deals, bonfire of controls, end of wealth destroying regulations, immigration controls, no border in Ireland.
“That was 2016.
“Four Prime Ministers, four Trade Secretaries, five Foreign Secretaries, six Chancellors, six Chief Brexit negotiators and an oven-ready Brexit later, we can see the worthlessness of those promises.”