The consequences of the UK leaving the European Union will be much more serious than the economic impact of the pandemic, the boss of the UK’s fiscal watchdog warns this morning.
The Office for Budget Responsibility (OBR) had assumed leaving the EU
would “reduce our long run gross domestic product by around 4 per
cent”, adding: “We think that the effect of the pandemic will reduce
that (GDP) output by a further 2 per cent,” its chief Richard Hughes
said.
In the long term it is the case that Brexit has a bigger impact than the pandemic
OBR chief Richard Hughes
Hughes’ comments to the BBC came
only hours after the OBR responded to Rishi Sunak’s latest Budget by
saying it expected inflation to reach 4.4 per cent while warning it
could hit “the highest rate seen in the UK for three decades”.
Fishing row
It came as Downing Street vowed to retaliate against France if Paris
goes ahead with a “disappointing and disproportionate” threat to impose
sanctions in an escalation of a row over fishing boats....
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