UK Economy Lost £200m due to Brexit, says Mark Carney

The governor of the Bank of England, Mark Carney expressed the Brexit costs the UK economy an extreme lost growth worth £200m ($283m) a week. Carney made this announcement during the  World Economic Forum of business leaders held in  Davos, Switzerland, according to him, Britain lose about £10bn in GDP after the EU referendum in June 2016. Based on reports, this issue was mentioned during the meeting after a certain guest asked the governor to estimate the value in “Brexit buses”. In addition to it, Carney explained that the weekly damage brought by Brexit is equal to two thirds and three-quarters of £350 m ($496m). However, the mentioned figures cannot be accurately compared to £350m based on the official EU referendum Leave campaign since Carney refers to growth rate.

The official data scheduled on Friday (26 January) is projected to show a 1.4 percent expansion in the UK economy for the fourth quarter of 20107, while a sharp decline from 1.7 percent reported last year. However, figures on an annual basis are predicted to raise Britain by 1.8 percent but the forecast of the Office for Budget Responsibility (OBR) showed 1.4 percent lift for this year. The predicted numbers remain in line with the projections of the International Monetary Fund (IMF), the Washington-based organization suggests that the UK will grow by 1.5 percent in 2018 and 2019.

The OBR released its economic outlook last March 2016, stating that the GDP of Britain will increase to 2 percent for the succeeding years, prior an increase to 2.1% and 2.2% in the two subsequent years.