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Businesses that make sporting goods, children’s toys, jewellery and medical goods have struggled the most with the border costs imposed by the UK’s decision to leave the EU.
The impact of Brexit on people’s earnings could be ‘substantial’, say experts. / Millions of workers in Britain will be about £1,300 worse off a year due to Brexit, leading experts have said.
Paul Johnson, director of the Institute for Fiscal Studies (IFS), has told PoliticsHome Brexit and last year’s political turmoil may be among factors that have contributed to the IMF's gloomy economic forecasts for the UK.
THE UK will be the only major economy to plunge into recession the year, the International Monetary Fund (IMF) has warned – with the finger pointed at the “economic self-harm of Brexit” on the three year anniversary of Britain leaving the EU.
Public opinion shifted against Brexit after a deluge of damning evidence on economic costs.
Paul Johnson, the director of the Institute for Fiscal Studies (IFS), said "we're about to get a lot poorer" due to economic "own goals". / Brexit, slashing investment and Liz Truss's mini-budget are among the "own goals" that have led to the UK's dire financial straits, according to a top economist.
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.
Experts from the Institute for Fiscal Studies, the Resolution Foundation and others agreed Kwasi Kwarteng’s unfunded tax cuts played a role.
‘Our departure from the European Union necessitates a re-thinking of the British state’. / Jacob Rees-Mogg has urged the next prime minister to slash back the government’s role as a prize of Brexit, suggesting it should not “deliver certain functions at all”.
The Office for Budget Responsibility suggested leaving the EU would reduce the UK's long-term GDP by around 4% - compared to 2% for the pandemic and lockdowns.
Office for Budget Responsibility contradicts government line. / Mr Johnson [Institute for Fiscal Studies] also said the OBR's estimated reduction in trade, productivity, and living standards from Brexit was "bigger than the expected long-run effect of the pandemic".
It’s almost 100 days since Britain completed its split from the EU -- almost five years after the referendum vote –- and a clearer picture of the consequences of the decision to leave is starting to emerge.
Small towns in the Midlands and North are among the areas likely to suffer most from the bare-bones trade deal Boris Johnson is seeking with Brussels, according to a respected economic thinktank.
Institute for Fiscal Studies says it is 'plausible' to expect a £50 billion boost to UK economy if Brexit is cancelled.
The Institute for Fiscal Studies says debt would climb to almost 90% of national income for the first time since the mid 1960s.
IFS says public borrowing will more than double next year whatever the Brexit result.
Hit to national income – around £420m a week – greater than Boris Johnson’s discredited claim of a £350m boost to be lavished on the NHS.