In a grim assessment, Richard Hughes also warned that it would take five years before people's spending power recovers to pre-coronavirus levels.
Britain's gross domestic product (GDP) will be 4 per cent smaller than if the country had stayed in the EU, the head of the government's fiscal watchdog confirmed yesterday.
Asked how much stronger the economy would have been without Brexit, he told the BBC's Sunday with Laura Kuenssberg: "We think that, in the long run, [Brexit] reduces our overall output by around 4 per cent compared to had we remained in the EU."
While the OBR first predicted a 4 per cent long-term hit to GDP in 2021, the chairman has been reluctant to be drawn into assessing the seriousness of the damage from Britain's exit from the bloc.
This story is from the March 27, 2023 edition of The Independent.
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This story is from the March 27, 2023 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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