Cost of Brexit already £130 billion, with more costs to come

A little bit weaselly as the headline and article refers to a theoretical loss caused by drop in growth since 2016, rather than monies actually spent on brexit.

The economic cost of Brexit has already hit £130 billion with a further £70 billion set to be added by the end of this year.

Research by Bloomberg Economics shows the British economy is now 3 per cent smaller than it could have been had the relationship with the EU been maintained.

But, of course, a drop in growth has an adverse effect on our economy, less tax take for the treasury, needless cuts in public services and fewer secure jobs.

Behind all this is a massive increase in personal debt; at the highest levels ever, which is an economic crisis in the making.

I followed the link but in order to see how Bloomberg came to its conclusion, I would have to subscribe. UK GDP growth has been lower than the EU as a whole since January 2017 although the gap closed markedly in 2019 as EU growth weakened. How far this difference can be confidently ascribed to the possibility of the UK leaving the EU after the Referendum is still a question for me. Weak though UK growth was, it still outperformed Italy throughout this period and UK growth was higher than Germany during 2019 when it broadly matched France. Like Goldman Sachs, Bloomberg recognises the likelihood of a 'Boris bounce' in 2020 but suspects it will not continue. If the bounce happens, and extends beyond 2020, it will be interesting to see if Bloomberg's recent conclusions are revisited and revised.