Brexit made the British economy worse | capital Cities

The exit of the British from the European Union, two years ago, reduced productivity, lowered growth, and impoverished families

Britain’s exit from the European Union, and the United Kingdom’s departure from the European Union, in January 2020, led to the deterioration of the British economy. This is the conclusion of an analysis published by the newspaper today, Tuesday (6/12). financial times, from London.

The assessment, which would portray a consensus among UK economists, notes that Brexit has left households poorer, wages stagnant, businesses cut investment and new trade barriers have hurt economic relations with the EU.

Bank of England Governor Andrew Bailey has estimated that Brexit will lead to a long-term decline in productivity levels of just over 3% from average. The reduction in the economy as a whole will be 4%.

Another estimate is that in 2016, the British economy was 90% the size of the German economy. Now that figure has dropped to 70%.

a Organization for Economic Cooperation and Development (Organization for Economic Co-operation and Development), which includes the world’s richest countries, expects the UK’s performance in the next two years to be worse than that of any other advanced economy, with the exception of Russia.

And last month, the Organization for Economic Co-operation and Development (OECD) estimated that the British economy would contract by 0.4% next year, as it faced a rise in interest rates, accompanied by rising inflation and waning confidence among economic agents.