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This is a HUGE story from @ChrisGiles_ - "Brexit has cut UK productivity by up to 5%, says BoE". Before any kind of Brexit has happened
on.ft.com/30Makjf
Because percentages sound little, it won't get the coverage it deserves. It's £40-100bn of lost income *every* year 1/
on.ft.com/30Makjf
Because percentages sound little, it won't get the coverage it deserves. It's £40-100bn of lost income *every* year 1/
Take that lower number, £40bn. That's about how much all the new cars we buy annually in the UK are worth.
But this isn't like we just pointlessly bought twice the number of new cars. It's like we bought twice the number of cars, *and drove them into the sea*. Every year. 2/
But this isn't like we just pointlessly bought twice the number of new cars. It's like we bought twice the number of cars, *and drove them into the sea*. Every year. 2/
Because this is lost opportunity, it won't *feel* like that. It's just wealth we never got to own. But lost productivity is still a massive deal
Imagine a country forced by another to work harder and then hand over £40bn annually - three times its aid budget - to the overlord 3/
Imagine a country forced by another to work harder and then hand over £40bn annually - three times its aid budget - to the overlord 3/
This is why this paragraph of mine was so heartfelt. There's no degree of cleverness in, say, how you dispose of your science budget that can compensate. None. Sorry, rant over 4/4
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