Hellosecvolt
Member
Cash: $ 6.00
Posts: 24
Joined: 07 Mar 2023
Location: USA
|
| Brexit hampers the UK Growth by £29 billion! |
 |
|
Bitly Link - https://bit.ly/3Kj4mQu
Brexit, the process by which the United Kingdom (UK) withdrew from the European Union (EU) in January 2020, has caused economic disruptions and uncertainty, according to Bank of England (BoE) rate-setter Gertjan Vlieghe. In a speech delivered in February 2022, Vlieghe estimated that Brexit had reduced the UK's economic growth by £29 billion. Here are some key points:
Brexit has caused uncertainty for businesses and investors, which has led to reduced investment and slower economic growth.
Vlieghe cited data showing that business investment has fallen by around 10% since the Brexit referendum in 2016.
He also noted that the UK's productivity growth has slowed in recent years, which he attributed in part to Brexit-related uncertainty.
Vlieghe argued that Brexit has made it harder for the UK to attract skilled workers from other countries, which could further hamper economic growth in the long term.
In conclusion, Vlieghe's speech highlights the economic costs of Brexit, particularly in terms of reduced investment and slower productivity growth. While there are other factors at play in the UK's economic performance, the uncertainty created by Brexit appears to be a significant factor in the country's economic underperformance.
|
