‘UK counting cost of Brexit distraction’
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.