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Britain: "Brexit" impact on economy "worse than Govt"

Britain: “Brexit” impact on economy “worse than Govt”

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LONDON – AFP: Richard Hughes, Britain’s longtime head of the General Budget, said in an interview with the BBC that Brexit would “have a greater impact on the UK economy than the Govt-19 epidemic”.
Hughes said Brexit would “reduce GDP by four percent in the long run,” according to the Office of Budget Responsibility.
The Office revised its growth estimates to 6.5% this year from 4% in previous estimates, as well as its expectations of a long-term impact of the epidemic on GDP, which was reduced to 2%. 3% of previous estimates.
“Over time, it will become difficult to differentiate the impact of the epidemic from other factors such as Brexit,” the Budget Office warned in a statement to update its economic forecasts.
Despite the trade agreement between the European Union and Britain, trade in goods between the two sides has declined since the introduction of Brexit. Brexit has also greatly complicated the entry of European workers into the UK, exacerbating labor shortages and disrupting the country’s supply chain. On the other hand, the resumption of economic activity in the world after the elimination of health measures to reduce epidemics leads to peak demand and congestion in ports or maritime transport capabilities.

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