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Brexit fallout has permanently damaged UK economy, says former bank official

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👉 Britons facing ‘austerity’ budget as a direct result of decision to leave Europe, former Bank of England adviser says

. The need for tax rises [and] spending cuts wouldn’t be there, if Brexit hadn’t reduced the economy’s potential output so much.”

He described the last six years of government as a “chaotic period”, which resulted in economic output being reduced as well as eroding business investment. Asked about the City of London losing its crown as Europe’s biggest stock market listing centre, he said it was one illustration of Brexit’s wider damage.

 

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