British economy (Shutterstock photo)
Jonathan Haskell, an external member of the ECB’s monetary committee, the Bank of England says today that Brexit has cost every household in England £1,000. According to him, separation from the European Union will multiply itself in the longer term.
If you look at the period of time up to 2016, you see that productivity in the UK decreased, but the volume of investments increased significantly, with the peak being between 2012 and 2016. And since then the volume of investments in the British economy has fallen to the bottom of the list of the G7 countries, he said.
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The Central Bank of England analyzed the performance of the economy of the United Kingdom and in the report published this month it was stated that a series of factors harmed the British economy and among them the effects of Brexit can be mentioned. Haskell also analyzed the causes of the slowdown in the British economy and said that indeed a series of factors harmed the British economy but There is no doubt that the puppy that hurt much more was Brexit.
The process of Britain’s withdrawal from the institutions of the European Union began in 2017 when James Cameron, who was the Prime Minister at the time, succumbed to momentary pressure from British public opinion and put the decision on withdrawal to a referendum. As far as is known, many parties, outside of the state, interfered in this referendum which at the end of the day resulted in the withdrawal of Great Britain from the Union.
The withdrawal from the Union caused a mess in the United Kingdom since many investors preferred to manage their financial affairs in Europe from the financial center of London and this created jobs and investments in the second circle of the financial economy, mainly in the fields of real estate, tourism and trade and so on.
The exit of Great Britain from the Union resulted in the outflow of money from the United Kingdom mainly to avoid tax errors and this resulted or at the very least accelerated the slide of Great Britain into an economic crisis. Now that enough information has been accumulated about the impact of Brexit, it can be quantified as a 1.3% damage to the GDP which will rise, at least according to Haskell’s estimate, to 2.8%, which is significant and could even be an interesting economic rate for anyone who pushes their country towards a separatist policy.
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