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Brexit worse for the UK economy than Covid pandemic, OBR says
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The impact of Brexit on the UK economy will be worse than that caused by the pandemic, according to the chairman of the UK fiscal watchdog.
Richard Hughes said the Office for Budget Responsibility (OBR) had assumed leaving the EU would “reduce our long run GDP by around 4%”, adding in comments to the BBC: “We think that the effect of the pandemic will reduce that (GDP) output by a further 2%.”
Gross domestic product – or GDP – is a measure of the size of the economy.
“In the long term it is the case that Brexit has a bigger impact than the pandemic”, Hughes told the broadcaster, hours after the OBR responded to Rishi Sunak’s latest budget by saying it expected inflation to reach 4.4% while warning it could hit “the highest rate seen in the UK
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