It’s Official - from the OBR -Brexit is much worse for UK economy than even COVID pandemic

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Jimgward
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It’s Official - from the OBR -Brexit is much worse for UK economy than even COVID pandemic

Post by Jimgward » Thu Oct 28, 2021 10:31 pm

Reported in Guardian - https://www.theguardian.com/politics/20 ... c-obr-says

Brexit worse for the UK economy than Covid pandemic, OBR says
Fiscal watchdog says Brexit would cut GDP by around 4% long term, while Covid impacts would hit output by a further 2%


The impact of Brexit on the UK economy will be worse than that caused by the pandemic, according to the chairman of the UK fiscal watchdog.

Richard Hughes said the Office for Budget Responsibility (OBR) had assumed leaving the EU would “reduce our long run GDP by around 4%”, adding in comments to the BBC: “We think that the effect of the pandemic will reduce that (GDP) output by a further 2%.”

Gross domestic product – or GDP – is a measure of the size of the economy.

https://www.independent.co.uk/business/ ... 46730.html

https://www.telegraph.co.uk/politics/20 ... -chairman/

The Daily Mail throws a different slant on it....

https://www.dailymail.co.uk/news/articl ... demic.html

Tory Brexiteers' fury as UK financial watchdog claims Brexit will have a bigger impact on the economy than the Covid crisis
Office for Budget Responsibility chairman said Brexit will reduce GDP by 4%
Richard Hughes said the watchdog expects the pandemic to shrink GDP by 2%
He said in 'long term' Brexit will have a 'bigger impact' on economy than Covid
Brexiteers rubbished forecast and said OBR 'not famed' for accurate predictions

Kili01
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Re: It’s Official - from the OBR -Brexit is much worse for UK economy than even COVID pandemic

Post by Kili01 » Sat Nov 13, 2021 10:08 pm

Well, Brexit is the gift that keeps on giving...its quite hard to resist saying we told you so! Unfortunately, Brexit was not planned for properly. Boris, I seem to remember was in such a hurry to leave the EU that he chose to ignore sensible proposals from the EU to delay finalising Brexit to allow further discussions with the EU, and to give more time to have trade talks with other countries. Instead he chose to push ahead in his wild, impetuous way without sorting out all important trade deals and treaties. Also he underestimated the number of EU workers in situ until afterwards when the chronic shortage of HGV drivers, nurses, care workers, agricultural workers to name a few, caused serious problems in their essential fields of work. No wonder that the UK economy is shrinking.
Also referred to in the article was the near collapse of the NHS, understaffed and over worked, the ridiculous way that many GP's refuse to see their patients except on zoom or phone, dentists, mine included, who said he wanted to see his patients but couldn't obtain the essential PPE for months.
All in all still a dysfunctional country. My country, it makes me sad and angry to see the way its being mismanaged.
Now British Expats in EU countries are down graded to 3rd country nationals,
Dee


Jim B
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Re: It’s Official - from the OBR -Brexit is much worse for UK economy than even COVID pandemic

Post by Jim B » Tue Nov 16, 2021 10:58 am

The point being is who would you trust, The Daily Mail and Blojo or the OBR..

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Jimgward
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Re: It’s Official - from the OBR -Brexit is much worse for UK economy than even COVID pandemic

Post by Jimgward » Tue Nov 16, 2021 9:52 pm

Termite, there are some positives in what you posted, but we have already lost trillions from the City of London in investments, PLUS, the UK isn’t just London. Most of the people are suffering. Petrol over £1.50 a litre, all foodstuffs up in price, shortages everywhere, shelves empty, M&S stopped Xmas food orders, import fees huge, time to get imports from 3 days to 3 weeks as overwhelmed. Fishing and Agriculture is sinking (sic) and few seem to feel we are better off in any way, Other than Rees-Mogg and his Tory chums with their sleaze. Only the super rich get richer.

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Re: It’s Official - from the OBR -Brexit is much worse for UK economy than even COVID pandemic

Post by Jimgward » Tue Nov 16, 2021 11:05 pm

https://cyprus-mail.com/2021/11/15/shel ... TO5lGpAB6s

Looks more like Shell is moving to the UK as we are more lax on taxes and climate targets and likely trading standards etc. Makes sense, we have been called a rogue state recently and we are one of the largest Money-laundering places on earth.

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