THE GUARDIAN: Former Bank of England policymaker Michael Saunders says leaving EU has ‘permanently damaged’ economy
Brexit is the ultimate reason why the UK now faces a fresh round of austerity, a former interest rate-setter at the Bank of England has said.
“The UK economy as a whole has been permanently damaged by Brexit,” Michael Saunders, who was an external member of the central bank’s monetary policy committee, said in an interview with Bloomberg TV.
“It’s reduced the economy’s potential output significantly, eroded business investment,” he said, adding: “If we hadn’t had Brexit, we probably wouldn’t be talking about an austerity budget this week.”
“The need for tax rises, spending cuts wouldn’t be there, if Brexit hadn’t reduced the economy’s potential output so much.” » | Anna Isaac, City editor | Monday, November 14, 2022
