UK economy underperforming by 5% since Brexit, says Goldman

The UK economy is now suffering the ‘long-term cost’ of leaving the union, analysts said

Bank of England policymaker Jonathan Haskel, said a year ago that Brexit had cost every British household €1,172.55 on average. Picture: Getty

The UK’s decision to leave the European Union shrank the British economy by reducing growth and spurring higher inflation, according to economists at Goldman Sachs Group, who compared the country’s performance to similar nations since the referendum in 2016.

The UK’s real GDP has underperformed by about 5 per cent, Sven Jari Stehn and colleagues said in a research note published late Friday. Reduced international trade, weak business investment and a drop in migrants coming ...