Getting Brexit done? It’s already cost UK economy almost £70bn, new report says

Brexit has already cost the UK economy almost £70bn – the equivalent of £440m a week or £840 for every household in the country each year – according to a new report from the Centre for European Reform.A new report from the Centre for European Reform think tank, obtained by The Independent, found that the UK economy was 2.9 per cent smaller three years after the June 2016 Brexit referendum than it would have been if Britain had voted to Remain.

...And the CER said that the gap – calculated by comparing the UK’s actual performance with those of comparable countries – had grown over the three months to June this year as Britain’s economy shrank by 0.2 per cent while others continued to grow.

The CER analysis found that the contributions of consumption, investment and trade to UK GDP were all lower by the middle of this year than would have been the case after a Remain vote.

And the think tank’s deputy director John Springford said that while there would be some beneficial impact on consumer confidence and the value of sterling from a deal, the UK economy would still experience a permanent loss of growth due to the increased barriers to trade with its closest neighbours which are an inevitable part of Brexit.

Mr Springford said: “If Britain and the EU sign a deal in the next two weeks and the UK enters the transition phase, growth may rebound a little.

“But uncertainty over the future relationship with the EU will continue to weigh on growth.”