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Former Bank of England governor, Mark Carney said that the fall in the pound and shrinking economy after the UK left the European Union, Brexit, had added to “inflationary pressure”.
Brexit has added to the UK's economic woes by lowering the value of the pound and contributing to price rises, an ex-Bank of England governor has said.
Former Bank of England governor Mark Carney has doubled down on his claims Brexit has taken a toll on the pound and sparked higher inflation.
This week, Rishi Sunak talked of building 'an economy that embraces the opportunities of Brexit'. Here's 5 mins on Brexit's impact on the economy so far.
At the very time when government wants to be less dependent on food imports, it’s becoming impossible for some farmers to survive.
Economist Duncan Weldon and the New Statesman’s polling expert explore how Brexit and austerity have damaged the UK economy and set the stage for Liz Truss’s “mismanagement.”
The economic costs of Brexit were masked by the Covid-19 pandemic and the crisis in Ukraine. Now the effects have become clear.
In this film, senior FT writers and British businesspeople examine how Brexit hit the UK economy, the political conspiracy of silence, and why there has not yet been a convincing case for a 'Brexit dividend'.
This week I was contacted by a retired CEO of a major wine wholesaler. They, unbeknownst to me, had asked their local MP John Penrose (Weston-super-Mare, Somerset) if he thought it was acceptable that my wine business had been obliged to open a site in the EU to mitigate Brexit costs.
The spectacular collapse of the pound against the US dollar has shattered the illusion that Britain is entitled in perpetuity to special status among the world elite.
In the US they call it ‘starving the beast’ – cut taxes and, as revenue decreases, you create irresistible pressure for austerity.
THE Tories, by the time sterling hit an all-time low of $1.0327 on Monday, had from their political driving seat seen a fall of nearly one-third in the pound’s value against the greenback since June 23, 2016.
Brexiteer MP overheard talking about markets on night of 2016 referendum vote. / Chancellor Kwasi Kwarteng reportedly said “who cares if Sterling crashes” in the immediate aftermath of the Brexit referendum result in 2016.
"I am very fearful for Britain on the path that it is travelling." / Former US Treasury Secretary Larry Summers says Brexit and Liz Truss’s extreme tax cutting is turning the UK into a “submerging market”.
Ex-US Treasury chief fears for UK becoming ‘submerging market’. / “Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time.”
The pound’s slump shows little sign of ending amid the ongoing story of dollar strength as well as concerns about UK economic policy. The latest leg down has taken its decline so far this year to 17%, surpassing the 16% loss it suffered in 2016, when the country voted to leave the European Union.
High inflation, low investment confidence and a weaker currency make the UK an attractive target for European suitors.
THE pound has fallen to its weakest level against the US dollar since 1985 amid fears the UK is heading for a lengthy recession.
Former Bank of England policymaker Adam Posen insists 80% of high price growth is due to Britain leaving EU.
As small businesses crumble, shelves get emptier and the care-worker shortage intensifies, life outside the EU is having a dire effect on many of us. Why aren’t politicians talking about it?
Brexit after Boris 31/07/2022
Boris Johnson became prime minister on the promise that Brexit would bring prosperity and pride. Did it?
In historical terms, however, those transgressions will end up being little more than footnotes. Viewed from afar, Johnson’s greatest failing is liable to be what he hoped would be his glorious legacy: Brexit.
We desperately need to rejoin the single market and customs union, whatever the former PM thinks.
Boris Johnson’s government faces deep economic problems. / UK lagging behind major peers on productivity and investment. / “... From a 16% devaluation of the pound to an eye-watering slide in trade and investment, Brexit’s impact is plain to see. The data have only reinforced our view that life outside of the EU would leave the UK worse off.”