Sumary of 100 days of Brexit: Was it as bad as ‘Project Fear’ warned?:
- The short-term hit In a report published before the 2016 referendum, the UK Treasury predicted that a vote to leave, followed by the immediate triggering of the Article 50 withdrawal process, would see national income decline by as much as 3.6 per cent within two years, 520,000 more people unemployed, and house prices fall by 10 per cent..
- The economy has only partially recovered from the huge losses incurred during the first lockdown last spring, leaving Britain further below pre-pandemic levels of output than any other Group of Seven nation..
- Though Britain has only been formally out of the EU’s single market for less than 100 days, the Office for Budget Responsibility estimates that Brexit has already lowered GDP by 1.4 per cent since the referendum..
- Dan Hanson of Bloomberg Economics puts the hit at 3 per cent, or as much as 5 per cent if the impact of the government’s restrictions on immigration is factored in….