Britain’s exit from the European Union The head of the Office for Budget Responsibility, Richard Hughes, said in an interview broadcast on Wednesday evening on the BBC that the consequences for the UK economy were much worse than the pandemic. In his view, leaving the EU will reduce GDP Great Britain About four percent. He also added that the pandemic would cause GDP to fall by another 2%. In the long run, Brexit will have a greater impact than pandemic – The expert confirmed.
In its latest report, the OBR stressed that supply shortages caused by stricter immigration rules, as well as more tariffs and bureaucracy, have worsened the situation in the UK post-Brexit. Finance Minister Rishi Sunak on Wednesday presented the budget plan. He announced billions of dollars in aid to many sectors, in addition to raising taxes.
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Unprecedented increase in costs
The Balance Sheet Office warned that the cost of living could rise at the fastest pace in 30 years and that inflation could rise to five percent. The Times described Minister Sunak’s tax increases as “enormous”. The Sun newspaper criticized the “epidemic of government spending”.
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In the meantime, the head of the Ministry of Finance presented a positive picture of the situation in the country. He announced that the British economy will reach pre-coronary crisis levels in 2022 and forecast growth of 6.5 per cent this year and 6 per cent next year.
The article comes from the site “German Wave”.
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