How Brexit has made Britain poorer

John Springford, of the Centre for European Reform, said: “The investment strike started in 2016 and continued through to 2021-22, and then it started to rise again once certainty about the trading relationship had been established.

“That has an impact on productivity. It means workers don’t have the best kit, and existing capital [equipment and buildings] is deteriorating, so you certainly assign some of the GDP losses to that.

“Brexit is more a story of stagnation, and a slow puncture, than of recession and rising unemployment.”