Beautiful Virgin Islands

Tuesday, May 30, 2023

‘Economy 4% lower than if UK had remained in European Union’

‘Economy 4% lower than if UK had remained in European Union’

OBR chairman Richard Hughes said the effect of Brexit on the economy is on the ‘magnitude’ of the coronavirus pandemic and rising energy prices.
The economy is 4% is lower than if the UK had remained in the European Union, the chairman of the Office for Budget Responsibility (OBR) has said.

Richard Hughes said the effect of Brexit on the economy is on the “magnitude” of the coronavirus pandemic and rising energy prices, and the country is seeing the “biggest squeeze on living standards” on record.

He told the BBC’s Sunday With Laura Kuenssberg programme: “But we do expect, as we get past this year and we go into the next three or four years, that real income starts to recover.

“But it’s still the case that people’s real spending power doesn’t get back to the level it was before the pandemic even after five years, even by the time we get to the late 2020s.”

Mr Hughes said this is “partly” because the UK’s growth has been held back by supply constraints on “key drivers” of growth.

He spoke of the country losing 500,000 workers, combined with “stagnant investment” since 2016 and slowing productivity.

Asked how much stronger the economy would be if the UK had remained in the EU, he said: “We think that, in the long run, (Brexit) reduces our overall output by around 4% compared to had we remained in the EU.

“I’ve struggled to put it in any kind of sensible context.

“It’s a shock to the UK economy of the order of magnitude to other shocks that we’ve seen from the pandemic, from the energy crisis.”
Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
Two US Employees Fired For Chasing Robbers Out Of Store As They Broke ''Company Policy''
I have a dream, MLK inspiring speech
If you donated to BLM, you got played
Aretha Franklin, Marvis Staples - Oh Happy Day
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
BVI Freedom Song
Actor Tom Hanks told Harvard University graduates to be superheroes in their defense of truth and American ideals, and to resist those who twist the truth for their own gain
Billy Preston - You Can't Beat God Giving (Live)
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
France Arrests 10 on Suspicion of Failing to Respond in Time to Migrant Drowning
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Neuralink Receives FDA Approval for First-in-Human Clinical Study
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Is Saudi Arabia the holiest place in the world? Ancient Hebrew Inscriptions from "The Mount Sinai Stand" Discovered in Saudi Arabia
Hello Dolly
Ukrainian Intelligence Official Admits to Assassination Attempts on Putin
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
WATCH THIS: democracy in Russia is so bad!
Bob Marley - Get Up Stand Up
Ed Davey: It is possible for a woman to have a penis
Yes He Can
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
What A Friend We Have In Jesus
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
Unforgettable
TikTok Sues Montana Over Law Banning the App
Touch The Hem Of His Garment
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
The Lord's Prayer
Steve Jobs introducing Apple's iPhone, exactly 16 years ago.
THE GOD MOVEMENT...BEAUTIFUL BVI
Banking Behemoth vs Ex-Boss: The PMorgan-Epstein Entanglement
Siyahamba
China overtakes Japan as world's top car exporter
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
Last Walmart in North Portland Closing Down
Ramblin' Rose
Banking Behemoth vs Ex-Boss: The PMorgan-Epstein Entanglement
Protoje - Who Knows ft. Chronixx
Florida's DeSantis seeks to disqualify judge in Disney case
Pressure - Virgin Islands Nice
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
Phil Wickham - House Of The Lord
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
My God Is Real (Yes, God Is Real)
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
Louis Armstrong - When The Saints Go Marching In
Debt Ceiling Crises Have Unleashed Political Chaos
Kanye West Sunday Service - hallelujah, salvation, and glory
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
Jonathan Nelson - I Believe (Island Medley
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
From The Virgin Islands Sqad Up
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Common, John Legend - Glory
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
I have a dream, MLK inspiring speech
The Prime Minister of St. Vincent and the Grenadines calls the British monarchy "an absurdity" he wants to remove in his lifetime
Aretha Franklin, Marvis Staples - Oh Happy Day
Remarkable video from our Fox drone team
BVI Freedom Song
The official tapes of Trump's deposition in the E. Jean Carroll battery (rape) and defamation case have been released.
Billy Preston - You Can't Beat God Giving (Live)
Here is the full video that the media are purposely not sharing
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
King Charles III being crowned.
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
New York procedures cover up cold blooded first degree murder of black man by white man
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Video: Ukraine MP Punches Russian Representative At Global Meet
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
El Paso mayor has declared a state of emergency
Hello Dolly
Russia accused Ukraine of attacking the Kremlin with drones in an attempt to kill Putin
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Ahead of King Charles’ coronation, British guards rehearse in the middle of the night in London
Bob Marley - Get Up Stand Up
Dutch court orders man who fathered 550 kids to stop donating sperm
Yes He Can
Kim Kardashian Lookalike Christina Ashten Dies Of Cardiac Arrest, Hours After Plastic Surgery
What A Friend We Have In Jesus
Samsung has banned employees from using generative AI services such as ChatGPT
Unforgettable
'Godfather Of AI' Geoffrey Hinton Quits Google To Warn Of The Tech's Dangers
Touch The Hem Of His Garment
A Real woman
The Lord's Prayer
×