The impact of Brexit on the UK economy will be worse than that caused by the pandemic, according to the chairman of the UK fiscal watchdog.
Richard Hughes said the Office for Budget Responsibility (OBR) had assumed leaving the EU would “reduce our long run GDP by around 4%”, adding in comments to the BBC: “We think that the effect of the pandemic will reduce that (GDP) output by a further 2%.”
Gross domestic product – or GDP – is a measure of the size of the economy.
“In the long term it is the case that Brexit has a bigger impact than the pandemic”, Hughes told the broadcaster, hours after the OBR responded to Rishi Sunak’s latest budget by saying it expected inflation to reach 4.4% while warning it could hit “the highest rate seen in the UK for three decades”.
[deleted]
Worth it.
Economy blahconomy.
It’s all nebulous to us proles. If GDP goes up 2%? We don’t feel it. If it goes down 2%? We don’t feel it.
We really are feeling the impacts of COVID, and big time.
My national insurance will soon go up. I will see that as a direct impact in my pay packet, and that’s because of COVID.
Cost of living is going up. House prices are rocketing up, because COVID has made people reevaluate what they value and they seem to have decided what they value is a house.
Lorry driver shortages, primarily caused by COVID (with a bit of Brexit mixed in, admittedly) is causing price of shopping to go up.
Maybe, on paper, Brexit is worse than COVID *for the economy*..
But for the average person?
COVID has been such a bigger kick in the balls financially. Furlough had millions of people on 80% of their wage, for months and months as well.
Brexit is a non-event compared to all that.
In the long term or?
Right-wing populism is the virus.
“Covid pandemic not as bad for the UK economy as first expected” would have been a less disingenuous headline, but it wouldn’t fit The Guardian’s agenda.
Ahhh forecasts…like the 12.5% unemployment which was forecast…currently sitting at 6.5%
Guardian is still hoping for it’s prophecies, it had been so long and so many efforts and so carefully written articles, and yet still nothing.
Nevermind, tomorrow is another day and another chance.
9 comments
The impact of Brexit on the UK economy will be worse than that caused by the pandemic, according to the chairman of the UK fiscal watchdog.
Richard Hughes said the Office for Budget Responsibility (OBR) had assumed leaving the EU would “reduce our long run GDP by around 4%”, adding in comments to the BBC: “We think that the effect of the pandemic will reduce that (GDP) output by a further 2%.”
Gross domestic product – or GDP – is a measure of the size of the economy.
“In the long term it is the case that Brexit has a bigger impact than the pandemic”, Hughes told the broadcaster, hours after the OBR responded to Rishi Sunak’s latest budget by saying it expected inflation to reach 4.4% while warning it could hit “the highest rate seen in the UK for three decades”.
[deleted]
Worth it.
Economy blahconomy.
It’s all nebulous to us proles. If GDP goes up 2%? We don’t feel it. If it goes down 2%? We don’t feel it.
We really are feeling the impacts of COVID, and big time.
My national insurance will soon go up. I will see that as a direct impact in my pay packet, and that’s because of COVID.
Cost of living is going up. House prices are rocketing up, because COVID has made people reevaluate what they value and they seem to have decided what they value is a house.
Lorry driver shortages, primarily caused by COVID (with a bit of Brexit mixed in, admittedly) is causing price of shopping to go up.
Maybe, on paper, Brexit is worse than COVID *for the economy*..
But for the average person?
COVID has been such a bigger kick in the balls financially. Furlough had millions of people on 80% of their wage, for months and months as well.
Brexit is a non-event compared to all that.
In the long term or?
Right-wing populism is the virus.
“Covid pandemic not as bad for the UK economy as first expected” would have been a less disingenuous headline, but it wouldn’t fit The Guardian’s agenda.
Ahhh forecasts…like the 12.5% unemployment which was forecast…currently sitting at 6.5%
Guardian is still hoping for it’s prophecies, it had been so long and so many efforts and so carefully written articles, and yet still nothing.
Nevermind, tomorrow is another day and another chance.