Umunna – OECD stats show Brexit has driven Britain into growth slow lane

Britain’s growth rate has fallen far below the Eurozone, new figures released today by the OECD reveal.

UK growth is expected to be 1.5% in 2017, 1.2% in 2018, and 1.1% in 2019. This compares with Eurozone growth of 2.4% in 2017, 2.1% in 2018 and 1.9% in 2019.

It comes after OBR figures in the Budget downgraded Britain’s growth rate yet again. According to the Resolution Foundation, the UK economy will be £72 billion smaller in 2021 compared to forecasts made before the EU referendum. 

Commenting, Chuka Umunna MP, leading supporter of Open Britain, said:

“These figures show beyond doubt that Brexit has driven Britain into the growth slow lane, while our competitors zip past us on the outside.

“Growth has been downgraded to the point where our economy will be £72 billion smaller by 2021 than we expected. The value of the pound has collapsed, and rising prices are outstripping wages and making people poorer.

“People are feeling the Brexit squeeze now. Nobody voted to become poorer as a result of the decision to leave the EU. If it becomes clear that proceeding with Brexit will cause real damage to our economy and our country, the British people have every right to keep an open mind about leaving.”

/ends 

Notes to editors:

The OECD forecasts for the UK are here: http://www.oecd.org/eco/outlook/economic-forecast-summary-united-kingdom-oecd-economic-outlook.pdf

The OECD forecasts for the Eurozone are here: http://www.oecd.org/eco/outlook/general-assessment-of-the-macroeconomic-situation-november-2017-OECD-economic-outlook.pdf

The Resolution Foundation analysis is here: http://www.resolutionfoundation.org/app/uploads/2017/11/Budget-response.pdf