Worst of Britain’s Brexit pain is still to come, admits Treasury minister

[pellinore]

The majority of Brexit’s impact on Britain’s economy is still yet to be felt, a minister has warned.

In a damning assessment of Britain’s departure from the European Union, Treasury minister Tulip Siddiq said 60 per cent of the impact of Brexit is yet to materialise.

The Treasury economic secretary cited Office for Budget Responsibility (OBR) forecasts that the economy would shrink by 4 per cent in the long run due to Brexit. And Ms Siddiq said that Britain’s imports and exports would end up 15 per cent lower than they would be had the UK stayed in the EU.

In the first time the government has quantified how much of the impact has so far been felt, Ms Siddiq cited further OBR analysis showing that just 40 per cent of the impact has materialised so far.

Worst of Britain’s Brexit pain is still to come, admits Treasury minister | The Independent

Edited November 3 by pellinore

[Duke Wellington]

4 hours ago, pellinore said:

The majority of Brexit’s impact on Britain’s economy is still yet to be felt, a minister has warned.

In a damning assessment of Britain’s departure from the European Union, Treasury minister Tulip Siddiq said 60 per cent of the impact of Brexit is yet to materialise.

The Treasury economic secretary cited Office for Budget Responsibility (OBR) forecasts that the economy would shrink by 4 per cent in the long run due to Brexit. And Ms Siddiq said that Britain’s imports and exports would end up 15 per cent lower than they would be had the UK stayed in the EU.

In the first time the government has quantified how much of the impact has so far been felt, Ms Siddiq cited further OBR analysis showing that just 40 per cent of the impact has materialised so far.

Worst of Britain’s Brexit pain is still to come, admits Treasury minister | The Independent

Covering up raising taxes and putting it into inefficient public services.

Edited November 3 by Duke Wellington

[Cho Jinn]

On 11/3/2024 at 11:58 AM, Duke Wellington said:

Covering up raising taxes and putting it into inefficient public services.

You've got to hand it to them: preempting the future failures of their administration on past events is clever.

[L.A.T.1961]

Trying to calculate the counterfactual is never informative, especially for an economist.