Economics
Brexit Has Left Households 900 Pounds Worse Off, Carney Says
- Accelerating inflation, weak investment hit U.K. incomes
- Weak productivity, stagnant wage growth are also factors
BOE's Carney on Rates Guidance, U.K. Economy: Highlights
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British households are about 900 pounds ($1,212) worse off than they would have been without Brexit, Bank of England Governor Mark Carney said.
Speaking to lawmakers on the Treasury Committee Tuesday, Carney said that compared to the bank’s forecasts made in May 2016 -- which were based on the U.K. voting to stay in the European Union -- economic output is more than 1 percent below where officials had expected. That “was predicated on a relatively weak European and global economy,” Carney said, an assumption that has also not panned out in recent years.