Economists analysing internal Bank of England company data estimate Brexit has reduced the UK economy’s size by about 6% over the decade since the referendum, according to BBC. The study reconstructed how the UK might have grown without leaving the EU and found roughly half of the hit came from post-referendum surprise and uncertainty, with the rest attributed to higher trade barriers after the UK left the customs union and single market in 2021.
The paper, co-authored by Stanford University professor Nick Bloom and economists at the Bank of England, uses the Bank’s Decision Maker Panel data alongside five other methods; the wider studies suggest an average 8% hit. The authors note the views do not necessarily represent those of the Bank of England. Governor Andrew Bailey has said Brexit lowered the level of activity and growth, though he said the impact on financial services was “nowhere near as detrimental as many people predicted.” Prime Minister Keir Starmer has said he will meet EU counterparts at a summit in July to agree deals including on food and farm exports, electricity and emissions trading.
Study using Bank of England data puts Brexit hit to UK economy at 6%
2026-06-22 06:02:37
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