Brexit has already resulted in at least 80 billion pounds ($103.5 billion) of costs to the United Kingdom since the referendum on the United Kingdom's withdrawal from the European Union in 2016, media reported on Thursday, citing a member of the Bank of England's monetary policy committee
MOSCOW (Pakistan Point News / Sputnik - 14th February, 2019) Brexit has already resulted in at least 80 billion Pounds ($103.5 billion) of costs to the United Kingdom since the referendum on the United Kingdom's withdrawal from the European Union in 2016, media reported on Thursday, citing a member of the Bank of England's monetary policy committee.According to The Guardian, the country lost about two percent of GDP since the vote compared to a scenario without any significant economic events. At the same time, a possible no-deal Brexit could also lead to an emergency cut in interest rates, the newspaper reported.
Meanwhile, the Vote Leave campaign stands by a claim that after leaving the European Union, the United Kingdom could weekly save around 350 million pounds ($453 million) each week on EU membership fees, but, according to the Bank of England's estimations, the actual weekly cost of Brexit almost doubles this figure and amounts to around 800 million pounds ($1 billion).
The newspaper also noted that investments in UK business dropped by 3.7 percent in 2018, while consumer spending also declined due to an increase in prices after a sharp fall of the pound following the leaving vote.
The United Kingdom is set to leave the European Union on March 29. While London has managed to negotiate a withdrawal deal with Brussels after months of intense talks, the agreement has faced a wave of criticism in the United Kingdom and mounting calls for a second Brexit referendum, with the parliament so far refusing to endorse the deal.
