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

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

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.

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

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.

"Yes it is," one member of the audience shouts back at Rachel Maclean as she says leaving the EU has "nothing to do" with the downturn. / A Conservative minister has faced ridicule after stating Brexit has “nothing to do” with the UK’s economic troubles.