Getty Britain's economy is 2.1% smaller than if it had voted to stay in the EU, according to new research. Higher levels of borrowing as a result of foregone growth mean the UK government is having to borrow an additional £23 billion a year. That means Brexit is already costing the Treasury £440 million a week. Theresa May claimed last week she would fund extra NHS spending through a "Brexit dividend," but researchers said the dividend does not exist. LONDON — Brexit has slashed Britain's public finances by £440 million a week, according to new research, which found the UK economy is already 2.1% weaker than it would have been if the country voted to stay in the European Union. A report from the Centre for European Reform (CER) found that — thanks to lower tax revenues — the knock-on hit of the vote to leave the EU to public finances has been £23 billion per year.See the rest of the story at Business InsiderNOW WATCH: This top economist has a radical plan to change the way Americans voteSee Also:All the rights EU citizens in the UK are set to lose after BrexitLords defeat Theresa May on 'meaningful vote' to set up House of Commons Brexit showdownEconomists rubbish Theresa May's claim that boosted NHS spending will be funded by a 'Brexit dividend'SEE ALSO: Everything we know about how EU citizens can apply to remain in the UK after Brexit DON'T MISS: There is strong public support for a 2nd referendum on Brexit
The Brexit Vote Has Already Wiped £440 Million A Week From Britain's Economy
tcolson@businessinsider.com (Thomas Colson), Business Insider
Fri, 06/22/2018 - 3:01pm
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