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Brexit will cost the UK economy around £100billion a year, economists at the data and news agency say Bloomberg calculated. Converted, this represents nearly 114 billion euros per year. Due to leaving the EU, investment is under pressure and UK businesses are facing further staff shortages.
According to economists Ana Andrade and Dan Hanson, the British economy would now be 4% smaller than it would have been without Brexit. They believe the departure has hit the UK economy faster than expected.
Hanson and Andrade estimate that if the UK had remained in the EU, it would have had around 370,000 more workers from other EU member states than it currently has. According to them, this lack can only be partially compensated by the arrival of extra-EU migrants.
With their findings, the economists contradict the claims of Treasury Secretary Jeremy Hunt. He said Brexit was just starting to pay off for the UK economy. He described the release earlier this week as a “huge opportunity”.
By cutting ties with the EU, Prime Minister Rishi Sunak said the UK could create free havens to boost trade and reform financial services rules to benefit City of London banks.
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