The UK voted to leave the EU on June 23, 2016. Prime minister Theresa May triggered Article 50, beginning the withdrawal, on March 29, 2017. Brexit was meant to begin on March 29, 2019, which then became May 22, and then October 31. Now, this has again been extended to January 31.
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So how much has all this cost?
Earlier this year, the Bank of England reported that Brexit has cost the UK more than £440 million a week in lost growth since the referendum.
If that is correct, the total is about £77 billion today.
In May last year, bank governor Mark Carney said British households were more than £900 worse off after the vote to leave, a number which will have increased now.
He said: “Real household incomes are about £900 per household lower than we forecast in May of 2016, which is a lot of money.”
In February, Gertjan Vlieghe, a member of the Bank’s monetary policy committee, said that since the referendum the economy had lost about two per cent of GDP.
This is in comparison to a scenario in which no major domestic economic events had taken place.
Since the referendum, the UK’s economic growth has slowed while the rest of the world has recorded one of its strongest periods for growth of the past decade.
Mr Vlieghe said: “That two per cent of GDP is not trivial, that’s £40bn or if you prefer it in bus units, it’s £800m a week.”
The “bus units” he’s referring to is the Leave campaign’s controversial campaign in the side of a bus which claimed £350m could be saved per week on EU membership fees and plugged into the NHS.
Mr Vlieghe said the magnitude of the potential negative hit to the economy in the event of a no-deal was uncertain, particularly over the long term.