Brexit is costing the UK economy £100 billion a year ($124 billion), with the effects spanning everything from business investment to the ability of companies to hire workers.
An analysis by Bloomberg Economics three years after Britain left the European Union paints a bleak picture of the damage done by the way the split has been implemented by the Conservative government.
Economists Ana Andrade and Dan Hanson reckon the economy is 4% smaller than it might have been, with business investment lagging significantly and the shortfall in EU workers widening.
“Did the UK commit an act of economic self-harm when it voted to leave the EU in 2016? The evidence so far still suggests it did,” Andrade and Hanson wrote in a note published Tuesday. “The main takeaway is that the rupture from the single market may have impacted the British economy faster than we, or most other forecasters, expected.”
The findings chip away at Prime Minister Rishi Sunak’s assertion that Brexit is a “huge opportunity” for the UK that’s starting to be realized.