London February 13 2023: A Bank of England policy maker warned that a dearth of business investment since Britain exited the European Union has cost the UK economy £29 billion, or about £1,000 per household.
Jonathan Haskel, an external member of the Monetary Policy Committee, said that the UK “suffered much more” on productivity because of the impact Brexit had on business investment.
“If you look in the period up to 2016, it’s true that we had a bigger slowdown in productivity up to 2016, but we had a lot of investment,” he said in an interview with Matthew C. Klein on the web newsletter, “The Overshoot.”
“We had a big boom between 2012-ish to 2016,” Haskel said. “But then investment just plateaued from 2016, and we dropped to the bottom of G-7 countries.”
