Brexit cost UK economy 6% of GDP over decade, Bank of England-backed study suggests

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Brexit cost UK economy 6% of GDP over decade, Bank of England-backed study suggests.

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A decade after Britain voted to leave the European Union, new analysis drawing on Bank of England corporate data suggests Brexit has cost the UK economy around six per cent of its output.The study, co-authored by Stanford University professor Nick Bloom and Bank economists, examined the decisions and financial performance of thousands of British companies in the years following the 2016 referendum.Researchers estimated that roughly half of the economic impact stemmed from the uncertainty created by the vote itself, while the remainder reflected higher trade barriers following Britain's departure from the customs union and single market in 2021."In the case of Brexit, there was a substantial economic impact on the United Kingdom, but it arose gradually over the subsequent decade," the paper concluded.

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