UK Economy Declines 6% Post-Brexit, Bank of England Data Reveals

AI Summary

The UK economy has experienced a 6% contraction attributed to Brexit, based on an analysis of internal Bank of England data. Key findings suggest that half of this economic impact stems from uncertainty following the referendum, while the remainder is linked to increased trade barriers after the UK exited the EU's customs union and single market in 2021. Notably, the study posits that the UK's economic trajectory prior to Brexit was strong, with potential growth lost due to these disruptions. The Bank of England's governor acknowledged lower levels of activity and growth resulting from Brexit decisions, which continue to be analyzed a decade post-referendum.