, 13 tweets, 3 min read Read on Twitter
Thinking Brexit hadn’t made much difference to the UK economy? @OECD would beg to differ. Here follow a few charts from their latest report:
UK GDP growth has slowed considerably since the referendum, compared to EU/rest of developed world
Share prices of UK-focused companies have significantly underperformed rest of stock market
OECD: unlike in previous devaluations, sterling’s fall unlikely to boost competitiveness/exports that much
OECD: higher inflation (caused by Brexit devaluation) has reduced real incomes
OECD: UK has a real regional economic problem: London is too dominant - in almost every sector…
OECD: …and because weak productivity regions are most reliant on EU funds, Brexit may exacerbate that regional inequality
OECD also says: high employment v reliant on self-employed (1). But self-emp tax revenue typically lower than employed (2)
OECD: UK economy would be boosted significantly if Brexit doesn’t happen
OECD’s Gurria: “How skilled is UK workforce? The answer is: not great. It’s a low skilled workforce. It’s like an anchor holding you back”
OECD’s Gurria: “We don’t like zero hours contracts. We think they put the worker at a distinct disadvantage”
OECD’s Gurria on Brexit: “There are no cataclysmic scenarios here. You only have options… It’s going to work. We’re going to make it work.”
OECD’s Gurria: “What was it Churchill said? Keep calm and carry on. It’s like in the Blitz. Except without the bombs.”
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