Brake – The ‘Brexit Effect’ is biting

New GDP growth figures from the ONS show UK economic growth in 2017 was the lowest in 5 years.

The figures show 0.5% growth in Q4 of 2017, giving a total of 1.8% growth in 2017. That’s down from 1.9% in 2016. Separately, Governor of the Bank of England Mark Carney gave an interview to the BBC in which he said that the UK was suffering a “Brexit effect” in the short term. That means the UK economy is now 1% smaller than the Bank had predicted before the EU vote. “What it works out to is tens of billions of pounds lower economic activity," Mr Carney told Radio 4's Today programme.

Commenting, Tom Brake MP, leading supporter of Open Britain, said:

“The ‘Brexit Effect’ is biting. Growth in the economy is at its weakest annual rate for 5 years thanks to Brexit.

“The Governor of the Bank of England has now told us that Brexit is costing the economy ‘tens of billions of pounds lower economic activity’, and real wages continue to fall. This makes a mockery of ministers' claims that there will be any 'Brexit dividend'.

“As the costs spiral and as the promises made by Leave campaigners look increasingly undeliverable, everyone has the right to keep an open mind about whether Brexit is really the right path for the country.”

/ends

Notes to editors:

The full figures from the ONS can be read here.

The full reporting on Mark Carney’s interview with the BBC can be read here.