Rachel Reeves is in a budget double bind
The “firm-level data” is especially significant, says John Springford of the Centre for European Reform, who was not involved in the study, because it teases out the effect of Brexit on individual companies even after the energy price shock of 2022.
“The OBR would say it would largely eliminate the cost [of Brexit] we have seen so far,” Springford says, with the caveat that it would take at least a decade.