UK Budget: Why the economy has grown so slowly
John Springford, deputy director for the Centre for European Reform, think-tank estimates that these effects and more had cost the UK economy 5.5 per cent of GDP by the summer of 2022. “Weak investment from 2016 is curtailing today’s output, car manufacturers are running down capital and stocks, immigration from the EU has slowed, and the retained EU law bill could mean divergence from EU rules,” he says.