Excerpt from the linked content^1 by Adam Forrest:
>The impact of Brexit on the UK economy is on the same “magnitude” as the Covid pandemic and energy price crisis, the chairman of the Office for Budget Responsibility (OBR) has said.
>In a grim assessment, Richard Hughes also warned that it would take five years before people’s spending power recovers to pre-coronavirus levels.
>Britain’s gross domestic product (GDP) will be 4 per cent smaller than if the country had stayed in the EU, the head of the government’s fiscal watchdog confirmed on Sunday.
>Asked how much stronger the economy would have been without Brexit, he told the BBC: “We think that, in the long run, [Brexit] reduces our overall output by around 4 per cent compared to had we remained in the EU.”
>Mr Hughes said economic growth had been held back because of “supply constraints” – pointing to labour shortages and an investment slump.
>“We’ve lost around 500,000 people from the labour force, we’ve seen stagnant investment since 2016 and also our productivity has slowed dramatically since the financial crisis and not really recovered,” he said.
gotta love how everyone lets politicians policy and corruption off the hook the moment brexit gets mentioned.
What’s another five years after fifteen years of this shit already?
If the Tories are purged, then 5 years is a possibility, otherwise….
***brexit has nothing to do with brexit*** , said the haunted victorian pencil
That is five years until they recover to pre-Brexit levels, which is still down on pre-2008 levels. Come 2028, we will still be worse off than we were 20 years before that. I will have spent my entire adult life living with the consequences of the Tories’ mismanagement of the economy for their own selfish gains. It is going to cause a crisis once us Millennials and Gen Z approach stereotypical retirement age and we have nothing to show for a life of work. We will probably be left to the wolves and told we should have worked harder.
The headline is a little misleading. It’s five years until incomes recover to pre-Covid levels. Incomes are predicted to *always* be lower due to Brexit; there’s no recovery there.
I couldn’t vote at the time of the brexit vote and now it’s hugely impacting my generation, it infuriates me
And the youngest generation never knew what a wallet is… You’d never knew why… That’s because they have never used one before
Never in the course of human history have so many invited so much misery upon so many, including themselves.
Shakespeare would have a ball with Brexit.
It’s funny how the OBR is trusted implicitly on this but the BOE saying there won’t be a recession is dismissed as a bad guesstimate by people who don’t have a clue. Confirmation bias by any chance?
I’m not saying he is wrong, I just mean pick one – trust the predictions or don’t, not just the ones that agree with your worldview
I used to have sympathy for people who didn’t realise what it was going to be like and voted for brexit. I used to think, they got duped and lied to.
I don’t anymore, every single one of them who voted for it (for whatever fucking bullshit reason) SHOULD HAVE KNOWN.
The answers were out there, all it took was a little bit of logic and a little bit of effort to work out that brexit was very very very very very very likely to be a really stupid and disastrous endeavour.
But lot’s of people didn’t want to hear that or were too lazy to put in that little bit of effort to come to a reasoned conclusion.
So to all the brexit voters, fuck you, you’re the equivalent of home grown terrorists.
Honestly, it’s time to gtfo the UK
I understand not everyone will have the opportunity or willing to leave everything behind.
When I speak to friends in the US and Aus who does the same job as I do and make 10x more it’s swayed my decision to stay here.
Not only that, the overall quality of life just seems much better
“for average households” – which is a phrase that I feel everyone should tack onto every statement made around the cost of living going forward. Your Jacob Rees Cocks and you Boris Johnsonanovs aren’t going to give a shit about 2 grand extra on their bills because they make that back in about a week. Possibly less.
What happened? 19 months ago the OBR said brexit was twice as bad as covid.
I swear there’s some social scientists doing experiments on this sub deliberately putting up some of these articles.
A topic from a few hours ago with something most people here didn’t want to hear got loads of comments saying economists are terrible at predicting the future.
Then this topic and everyone is lapping up economists predictions.
I feel an academic paper coming…
What causes the biggest impact? Covid, Brexit or the conservative miss management for the two?
Incomes not gonna ‘ReCoVEr.’
Not a Brexit issue. Dollar remains the reserve currency of the World. They printed trillions out of thin air, we printed buildings. Our fiat currency has lost it value for ever.
Incomes and living cost baselines will never be returning.
Everyone needs to stop moaning, wake up and change your jobs to ones which now pay more.
Working professionals are always changing jobs 2-3 years for competitive salary.
Propaganda media like LBC and BBC are still pushing the Brexit agenda. We are in this mess because fiat money is a scam and they printed trillions.
The European Union nor the British government ever wanted Brexit anyway. And between them, they have done everything in their power to make it unworkable.
19 comments
Excerpt from the linked content^1 by Adam Forrest:
>The impact of Brexit on the UK economy is on the same “magnitude” as the Covid pandemic and energy price crisis, the chairman of the Office for Budget Responsibility (OBR) has said.
>In a grim assessment, Richard Hughes also warned that it would take five years before people’s spending power recovers to pre-coronavirus levels.
>Britain’s gross domestic product (GDP) will be 4 per cent smaller than if the country had stayed in the EU, the head of the government’s fiscal watchdog confirmed on Sunday.
>Asked how much stronger the economy would have been without Brexit, he told the BBC: “We think that, in the long run, [Brexit] reduces our overall output by around 4 per cent compared to had we remained in the EU.”
>Mr Hughes said economic growth had been held back because of “supply constraints” – pointing to labour shortages and an investment slump.
>“We’ve lost around 500,000 people from the labour force, we’ve seen stagnant investment since 2016 and also our productivity has slowed dramatically since the financial crisis and not really recovered,” he said.
^1 Adam Forrest for The Independent, via AOL/Apollo Global Management, 26 Mar. 2023, https://www.aol.com/brexit-damage-big-covid-says-103135912.html
gotta love how everyone lets politicians policy and corruption off the hook the moment brexit gets mentioned.
What’s another five years after fifteen years of this shit already?
If the Tories are purged, then 5 years is a possibility, otherwise….
***brexit has nothing to do with brexit*** , said the haunted victorian pencil
That is five years until they recover to pre-Brexit levels, which is still down on pre-2008 levels. Come 2028, we will still be worse off than we were 20 years before that. I will have spent my entire adult life living with the consequences of the Tories’ mismanagement of the economy for their own selfish gains. It is going to cause a crisis once us Millennials and Gen Z approach stereotypical retirement age and we have nothing to show for a life of work. We will probably be left to the wolves and told we should have worked harder.
The headline is a little misleading. It’s five years until incomes recover to pre-Covid levels. Incomes are predicted to *always* be lower due to Brexit; there’s no recovery there.
I couldn’t vote at the time of the brexit vote and now it’s hugely impacting my generation, it infuriates me
And the youngest generation never knew what a wallet is… You’d never knew why… That’s because they have never used one before
Never in the course of human history have so many invited so much misery upon so many, including themselves.
Shakespeare would have a ball with Brexit.
It’s funny how the OBR is trusted implicitly on this but the BOE saying there won’t be a recession is dismissed as a bad guesstimate by people who don’t have a clue. Confirmation bias by any chance?
I’m not saying he is wrong, I just mean pick one – trust the predictions or don’t, not just the ones that agree with your worldview
I used to have sympathy for people who didn’t realise what it was going to be like and voted for brexit. I used to think, they got duped and lied to.
I don’t anymore, every single one of them who voted for it (for whatever fucking bullshit reason) SHOULD HAVE KNOWN.
The answers were out there, all it took was a little bit of logic and a little bit of effort to work out that brexit was very very very very very very likely to be a really stupid and disastrous endeavour.
But lot’s of people didn’t want to hear that or were too lazy to put in that little bit of effort to come to a reasoned conclusion.
So to all the brexit voters, fuck you, you’re the equivalent of home grown terrorists.
Honestly, it’s time to gtfo the UK
I understand not everyone will have the opportunity or willing to leave everything behind.
When I speak to friends in the US and Aus who does the same job as I do and make 10x more it’s swayed my decision to stay here.
Not only that, the overall quality of life just seems much better
“for average households” – which is a phrase that I feel everyone should tack onto every statement made around the cost of living going forward. Your Jacob Rees Cocks and you Boris Johnsonanovs aren’t going to give a shit about 2 grand extra on their bills because they make that back in about a week. Possibly less.
What happened? 19 months ago the OBR said brexit was twice as bad as covid.
https://www.theguardian.com/politics/2021/oct/28/brexit-worse-for-the-uk-economy-than-covid-pandemic-obr-says
I swear there’s some social scientists doing experiments on this sub deliberately putting up some of these articles.
A topic from a few hours ago with something most people here didn’t want to hear got loads of comments saying economists are terrible at predicting the future.
Then this topic and everyone is lapping up economists predictions.
I feel an academic paper coming…
What causes the biggest impact? Covid, Brexit or the conservative miss management for the two?
Incomes not gonna ‘ReCoVEr.’
Not a Brexit issue. Dollar remains the reserve currency of the World. They printed trillions out of thin air, we printed buildings. Our fiat currency has lost it value for ever.
Incomes and living cost baselines will never be returning.
Everyone needs to stop moaning, wake up and change your jobs to ones which now pay more.
Working professionals are always changing jobs 2-3 years for competitive salary.
Propaganda media like LBC and BBC are still pushing the Brexit agenda. We are in this mess because fiat money is a scam and they printed trillions.
The European Union nor the British government ever wanted Brexit anyway. And between them, they have done everything in their power to make it unworkable.