Bank of England FINALLY admits to Brexit carnage

In a ‘we could have told you so moment’, the Bank of England has finally admitted what we already knew, that Brexit’s impact is being felt quicker than they could have for-seen.

Deputy governor of the Bank of Ben Broadbent said: “Brexit … has been something that has pulled on our potential output in our country and that’s been our assessment for many years.

“We’ve not changed our estimate of the long-running effects, but we’ve brought some of them forward and we think they’re probably coming in faster than we first expected ….

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“Yes, it [Brexit] is having some effect on growth, although ultimately no bigger effect than we assessed some years ago.

“Based on the numbers for trade and, to some degree, for the numbers on investment, we think these effects are coming through faster than initially envisaged.”

Andrew Bailey, Bank of England governor:

"The UK's economic outlook is dismal. It's Brexit." pic.twitter.com/owjaTcKyt5
— Chris Shaw (@The_ChrisShaw) February 2, 2023

Monetary report

Also in its monetary policy report today the Bank says: “The effects of Brexit on trade are now estimated to be emerging more quickly than previously assumed, and that lowers productivity somewhat.”

Watch

"Brexit has pulled the potential output of our country.. We have not changed our estimate of the long run effects.. But they're coming in faster than we expected."

Ben Broadbent, Deputy Governor, Bank of England pic.twitter.com/13Wc3HL8Cp
— Farrukh (@implausibleblog) February 2, 2023

Reactions

Bank of England says: "the effects of Brexit on trade are now estimated to be emerging more quickly than previously assumed, and that lowers productivity somewhat".

Brexit is a self-inflicted disaster. No party wants to address it.https://t.co/L4WP33UeI2
— Prem Sikka (@premnsikka) February 2, 2023

Just interviewed Governor Andrew Bailey after rate rise – interesting answers – released at the top of the hour – here’s a quick take from outside the Old Lady of Threadneedle Street.#newmic pic.twitter.com/JmBLgJx0Nr
— Faisal Islam (@faisalislam) February 2, 2023

NEW:

“It is extraordinary…we may have to conclude COVID has had bigger long run effects.. But you're right, it is quite remarkable”

Governor Bailey in BBC interview re this BoE analysis showing the UK economy below its size before the pandemic in late 2019 … even in 2026: pic.twitter.com/Qwh5Dqhbn6
— Faisal Islam (@faisalislam) February 2, 2023

Is this Taking back control
— Johnno23 (@johnno2323) February 2, 2023

Yes but have they factored in the gigantic savings we are making on lawnmower insurance?
— Wasp (@Crevice101) February 2, 2023

Oh Dear!! The Bank of England has blamed Brexit for damaging the UK Economy. Will Gove, Boozo and Rees-Mugg be on the News to apologise?
— Bill Edmunds (@BillEdmunds4) February 2, 2023

When Johnson signed his oven ready deal, I said Brexit would now be an occult bleed instead of a sudden cliff edge: "brexsanguination".@chrisgreybrexit compared its effect on the economy to a slow puncture.

Hmm. Seems to have sped up, all of a sudden.https://t.co/6yE1GDt8Fx
— Jim Grace (@mac_puck) February 2, 2023

A picture paints…