In a ‘we could have told you so moment’, the Bank of England has finally admitted what we already knew, that Brexit’s impact is being felt quicker than they could have for-seen.
Deputy governor of the Bank of Ben Broadbent said: “Brexit … has been something that has pulled on our potential output in our country and that’s been our assessment for many years.
“We’ve not changed our estimate of the long-running effects, but we’ve brought some of them forward and we think they’re probably coming in faster than we first expected ….
“Yes, it [Brexit] is having some effect on growth, although ultimately no bigger effect than we assessed some years ago.
“Based on the numbers for trade and, to some degree, for the numbers on investment, we think these effects are coming through faster than initially envisaged.”
Monetary report
Also in its monetary policy report today the Bank says: “The effects of Brexit on trade are now estimated to be emerging more quickly than previously assumed, and that lowers productivity somewhat.”
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