U.K. Prime Minister Boris Johnson wants to “unleash Britain’s potential.” First the economy has to catch back up with the rest of the world. Research by Bloomberg Economics estimates that the economic cost of Brexit has already hit 130 billion pounds ($170 billion), with a further 70 billion pounds set to be added by the end of this year. That’s based on the damage caused by the U.K. untethering from its Group of Seven peers over the past three years. While growth globally has also cooled in recent years, the analysis by Bloomberg Economics shows the U.K. has still lagged. There is a strong historic correlation between the U.K. and G-7 countries. But they have been diverging since the vote to leave the EU, with the British economy now 3% smaller than it could have been had the relationship been maintained. The U.K. is finally set to leave the European Union at the end of this month after Johnson’s decisive election victory. But the uncertainty since the 2016 referendum has taken a toll. Business investment in particular has been held back, and annualized economic growth has halved to 1% from 2%. Dan Hanson, U.K. economist for Bloomberg Economics, puts the… Read full this story
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