Economics
Brexit Has Already Cost U.K. More Than 2% of GDP, UBS Estimates
- Bank says consumption, investment lower as a result of vote
- Says economy losing out even before Britain leaves the EU
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The Brexit vote has already cost Britain more than 2 percent of economic output, even before the nation formally exits the European Union, according to analysis by UBS Group AG.
In a note published Monday, the bank estimated that gross domestic product is already 2.1 percent lower than where it would have been had the U.K. voted to remain in the EU, while investment is 4 percent weaker, inflation 1.5 percent higher and consumption 1.7 percent lower.