Brexit aftermath: Majority of economic impact still to come
The Economic Secretary to the British Treasury, Tulip Siddiq, warns that 60 per cent of the economic impacts of Brexit have yet to materialise. The government has, for the first time, estimated the scale of the tangible effects of the UK's departure from the EU.
"The worst effects of Brexit are yet to come," stated Tulip Siddiq, as reported by the "Independent" on Sunday. She emphasised that 60 per cent of the economic impacts of Brexit are still forthcoming.
Siddiq cited forecasts from the Office for Budget Responsibility (OBR), which predict that the British economy will shrink by 4 per cent in the long term due to Brexit.
Both imports and exports are anticipated to be 15 per cent lower than if the UK had remained in the EU. According to the OBR's analysis, only 40 per cent of Brexit's effects have been felt so far.
First such estimates
As highlighted by the "Independent", the government has made its first estimates of the tangible effects of the UK's departure from the EU.
The newspaper disclosed that since leaving the EU, the UK has paid Brussels £23.8 billion as part of its financial obligations, with an additional £6.4 billion yet to be paid.
