Bank of England Chief Economist Huw Pill suggested that the UK is yet to see any positive economic benefits from exiting the European Union.

Public opinion shifted against Brexit after a deluge of damning evidence on economic costs.

Huw Pill said Brexit has reduced trade between the UK and Europe which has had a knock-on effect on labour, productivity and prices.

Brexit is partly to blame for historically high inflation in the UK by causing labour shortages, strengthening pricing pressure among firms, and weakening the economy, Bank of England chief economist Huw Pill has said.

Mark Carney, who ran the central bank until March 2020, said the UK’s decision to leave the EU had devalued the pound which put upward pressure on inflation.