‘UK count­ing cost of Brexit dis­trac­tion’

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - David Mil­liken

BREXIT is dis­tract­ing Bri­tain’s gov­ern­ment and busi­nesses from the longer-term chal­lenges of boost­ing pro­duc­tiv­ity and liv­ing stan­dards, Bank of Eng­land chief econ­o­mist Andy Hal­dane has said.

BOE Gover­nor Mark Car­ney has pre­vi­ously said Bri­tain’s econ­omy has so far prob­a­bly grown al­most 2pc less than it would have done if vot­ers had backed stay­ing in the EU in June 2016’s ref­er­en­dum.

Hal­dane told a pub­lic fo­rum in Bris­tol, south­west Eng­land, that Brexit preparations were de­lay­ing longer-term work on boost­ing Bri­tain’s very weak rate of pro­duc­tiv­ity growth that set in around the time of the 2008 fi­nan­cial cri­sis.

“Brexit has ab­sorbed a lot of en­ergy ... not just in gov­ern­ment but among com­pa­nies as well. That has prob­a­bly come at some cost,” he said.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.