Peter Byrne - WPA Pool/Getty Images The UK will leave the EU's trading rules in less than five weeks' time. With or without a trade deal with Brussels, Brexit will inflict a significant hit on the UK economy, the Office for Budget Responsibility said this week. No deal would reduce long-term output by 6%, it said. However, the cost and disruption that awaits the UK didn't feature in Rishi Sunak's Spending Review. The Chancellor and the rest of Boris Johnson's government are reluctant to talk about Brexit due to its associated costs, Theresa May's former Europe adviser told Business Insider. Experts agreed that the government's refusal to be upfront about Brexit was hindering preparation. Visit Business Insider's homepage for more stories. The UK will break away from the European Union's trading rules in less than five weeks, and significant disruption and economic pain awaits.
Similar Stories to The Economic Shock Brexit Is About To Unleash Was A Glaring Omission From Rishi Sunak's Spending Review on Bing News
apayne@businessinsider.com (Adam Payne), Business Insider
Sat, 11/28/2020 - 1:54am
Topics: peter wpa pool/getty images brussels the chancellor experts visit business european union british exchequer rishi sunak's spending new year's eve orb world trade organisation rachel reeves labour's shadow chancellor duchy lancaster prime minister boris johnson anand menon director a changing europe house commons brexitjohnson trader cabinet office's alex chisholm members parliament raoul ruperal minister theresa prime minister johnson maddy thimont jack institute for government gareth fuller/pa images getty images june sky news covid-19 uk the uk eu brexit office budget responsibility rishi sunak's spending review chancellor boris johnson theresa business insider europe sunak spending obr january thimont jack ruparel economic deal told trading economy coronavirus impact week output significant agreement long-term hit terms disruption bring leaving talk pandemic honest challenge awaits tariffs goods reluctant costs transition adviser due statement refusal hindering red agreed huge manage clear tank time lot rules biggest percentage point weeks points body public reduced country effects partner free damage set industries financial left acknowledge period
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