Brexit 'costing the UK economy £100 billion' a year

Since officially leaving the European Union, three-years ago this week, UK-based investment has grown 19% less than the G7 average and the economy has forfeited 4% worth of growth, the analysis showed.

“Did the UK commit an act of economic self-harm when it voted to leave the EU in 2016? The evidence so far still suggests it did,” Bloomberg economists Ana Andrade and Dan Hanson, said.

“The main takeaway is that the rupture from the single market may have impacted the British economy faster than we, or most other forecasters, expected,” they added.

The underperformance is partly explained by business investment as firms put spending decisions on hold because of uncertainty about what life outside the EU would mean.

Brexit also had a negative impact on the ability of companies to hire workers.

But prime minister Rishi Sunak insisted the UK made “huge strides” in harnessing the freedoms unlocked by Brexit to tackle generational challenges.

“And in my first 100 days as prime minister, that momentum hasn’t slowed – we’re cutting red tape for businesses, levelling up through our freeports, and designing our own, fairer farming system to protect the British countryside,” he said.

Read more at Yahoo Finance