Brexit is costing the UK economy $1 billion a week. And it could get worse.
The vote to leave the European Union in June 2016 caused the pound to weaken dramatically and ushered in years of uncertainty that has reduced economic activity and triggered a slump in investment.The economy is now 2% smaller than it would have been if the United Kingdom had chosen to remain in the bloc, according to the Bank of England. The economic output lost since the referendum is worth about £800 million per week, or £4.7 million per hour.
"The reason for this underperformance relative to the rest of the world is, I believe, the uncertainty surrounding the prospect of Brexit," Gertjan Vlieghe, a member of the Bank of England's Monetary Policy Committee, said in a speech last month. The pain has also been felt by households. The pound plunged 15% against the dollar after the 2016 vote, pushing the price of imported goods higher.
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