Brexit has cost £1,000 per household

Brexit has cost the UK £28 billion, according to Bank of England official and MPC member Jonathan Haskell. That equates to roughly £1,000 per household. The majority of that figure relates to a fall in private sector investment in the country, which has slowed to a trickle and is a significant contributor to the significant fall in productivity and output. The vote to leave the EU has resulted in severe scarring to the economy and according to Haskell, the Government can only hope that the damage inflicted is not permanent, although it will take a generation for the country to return to its place at the top table. It is apparent that small business groups want to be involved in discussions about the future relationship with the European Union. Rishi Sunak recently ruled out a deal similar to that of Switzerland, where the country has access to the single market in exchange for a reduced contribution to Brussels’ budget. There has been a lot of noise recently about the UK becoming a high taxation economy, and that is partly why global brands like AstraZeneca are leaving for lower taxation regimes. Two of the largest Eurozone economies, France and Germany, have tax receipts roughly equal to half the size of their economies. For the UK, that figure is about 40%. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.