Brexit costed UK over $35 billion in business investment

New Delhi: The 2016 decision to leave the European Union has costed the UK over $35 billion in business investments, a new study has revealed. The study by Jonathan Haskel, an external member of the Bank of England’s (BoE) Monetary Policy Committee, showed that the lack of business investment growth since the Brexit (Britain’s exit from the EU) was equivalent to 1.3 per cent of the country’s gross domestic product, or about $1,221 per household. The gap between current level of business investment and those before 2016 rose to 2.8 percent by 2026, the end of the BoE’s forecast period. This is “very close to the 3.2 per cent number we found using the totally different methodology based on goods trade volumes,” Haskel said. According to him the private investment in the country after its decision to leave the EU “stopped in its track.” In the after math of the Brexit vote the UK started to fall behind its trend of last six years and “suffered much more” compared to other major industrialised economies, the BoE’s rate setter pointed. Earlier this month BoE’s policymaker Catherine Mann said that the UK’s withdrawal from the EU free-trade area was to blame for the country’s excess inflation. After hitting a four-decade high of 11.1 percent last year, the UK inflation has slightly cooled to 10.5 per cent amid a decline in global energy prices, but was still well above the BoE’s target of 2 percent. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.