Saturday, 04 December 2021 10:44 GMT

Brexit’s economic effect worsens


(MENAFN) Brexit’s effect on Britain’s economy will worsen in the long term against the effect of Covid-19, declared the chairman of the Office for Budget Responsibility.

Richard Hughes noted that exiting the European Union would decrease the country’s ability GDP by around 4 percent in the future.

Mr Hughes predictions proved the pandemic would lower GDP "by a further 2 percent".

He said to BBC: "In the long term it is the case that Brexit has a bigger impact than the pandemic.”

Mr Hughes’ commentary happens following the OBR stated the charge of living could increase at its speediest level for 30 years, with proposals inflation could reach approximately 5 percent.


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