Brexit impact on economy 'will be worse than the coronavirus pandemic'

Asia's Tech News Daily

Brexit impact on economy 'will be worse than the coronavirus pandemic'
© Provided by Daily Mail MailOnline logo

Brexit will have a bigger negative impact on the UK’s economy than the coronavirus pandemic in the long term, the chairman of Britain’s financial watchdog has said. 

Richard Hughes, the boss of the Office for Budget Responsibility, said the assumption is now that leaving the EU will ‘reduce our long run GDP by around four per cent’. 

He added to the BBC: ‘We think that the effect of the pandemic will reduce that (GDP) output by a further two per cent.’

Brexit impact on economy 'will be worse than the coronavirus pandemic'
© Provided by Daily Mail (
Brexit impact on economy 'will be worse than the coronavirus pandemic'
© Provided by Daily Mail (

Gross Domestic Product (GDP) is a measure of the size of a country’s economy. 

Mr Hughes told the broadcaster: ‘In the long term it is the case that Brexit has a bigger impact than the pandemic.’

His comments came after the OBR yesterday issued an inflation warning in a report published alongside Rishi Sunak’s Budget. 

The watchdog predicted inflation could jump from the current rate of 3.1 per cent to an average of four per cent over the course of next year.

It also warned that news since its report was compiled suggested inflation could actually peak at closer to five per cent in 2022. 

Such a scenario would see inflation hit levels not seen for three decades. 

The Bank of England’s inflation target is two per cent. Should inflation continue to spike the Bank is expected to hike interest rates. 

The OBR’s Brexit prediction came as Downing Street vowed to retaliate against France if Paris goes ahead with a ‘disappointing and disproportionate’ threat to impose sanctions in an escalation of a row over fishing boats.

Brexit impact on economy 'will be worse than the coronavirus pandemic'
© Provided by Daily Mail (
Brexit impact on economy 'will be worse than the coronavirus pandemic'
© Provided by Daily Mail (

The French Government dramatically warned it will block British vessels from some ports next week if the post-Brexit dispute over fishing licences is not resolved.

Paris even went as far as suggesting it could restrict energy supplies to the Channel Islands if no deal is reached with the UK as relations with France further soured.

Number 10 said the threats do not seem to be compatible with ‘international law’ and vowed an ‘appropriate and calibrated response’ if Paris does not back down.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Liverpool could earn £186m a season after unexpected TV deal

Liverpool could stand to make as much as £189m per season as a result of the Premier League’s latest TV deal. Last month the Premier League clinched a £1.9bn deal ... Read more »

Arthur Labinjo-Hughes mural appears in Aston with him wearing Birmingham FC blue

A poignant mural of Arthur Labinjo-Hughes wearing Birmingham FC blue has appeared in a city street. The stunning artwork of the youngster kicking a football was spotted in Trinity Road, ... Read more »

Katrina Kaif and Vicky Kaushal wedding: Truth behind the Mobile phone ban, NDA from guests and other restrictions

© Provided by Ever since the news of Katrina Kaif and Vicky Kaushal‘s wedding in Rajasthan came out, there have been reports of the varied restrictions that the couple ... Read more »

Bigg Boss 15 Weekend Ka Vaar Written Update: Salman Khan loses his cool, Shamita Shetty says she wants to quit show

Salman Khan scolded Shamita Shetty on Bigg Boss 15. The Weekend Ka Vaar episode is always full of drama and fights. On yesterday, December 5 episode of Bigg Boss 15, ... Read more »

Cardi B yells at nightclub doorman after Black women not allowed in

© IANS Cardi B.(photo:instagram) Los Angeles, Dec 6 (IANS) Rapper Cardi B has stood up for fellow Black women as she was seen screaming at a nightclub doorman after her ... Read more »

How can scientists update coronavirus vaccines for Omicron? A microbiologist explains

© Provided by Independent Online (IOL) By Deborah Fuller If the omicron variant of the coronavirus is different enough from the original variant, it’s possible that existing vaccines won’t be ... Read more »

Ravi Teja starrer Rama Rao On Duty gets a release date in Summer 2022; Deets inside

© Provided by Pinkvilla The much-anticipated release date of Ravi Tej starrer Rama Rao On Duty is out. The makers shared a new poster to announce the official release date ... Read more »

‘Water baby' Rakulpreet Singh raises hotness bar with sizzling beach photo

© Provided by DNA Bollywood stars have been rushing to the Maldives since the COVID-19 restrictions were relaxed. Every other day, celebrities upload photos from the island nation, inspiring admirers ... Read more »

The top luxury destinations we are dreaming of for 2022

© Motivate Publishing Four-Seasons-Thailand As we enter December, thoughts of what 2022 will bring start to pop into mind. Travel is hopefully something the new year does bring us. It’s ... Read more »

Where to collect gem fragments at gas stations for the Shanta Quest in Fortnite Chapter 3 Season 1

© Provided by GamePur As with most of the Shanta Quests in Fortnite Chapter 3 Season 1, collecting gem fragments at gas stations can be frustratingly difficult — especially with ... Read more »

India thrash top-ranked New Zealand to clinch Test series

© Punit PARANJPE India celebrate after beating New Zealand in Mumbai India hammered New Zealand by 372 runs to win the second Test on Monday, after the Black Caps’ Mumbai-born ... Read more »

A new Latin-American restaurant has opened in Business Bay

© Motivate Publishing deseo dubai ft Sponsored: Deseo boasts alfresco seating and Latin flair… Set to shake up the Business Bay dining scene, is the brand new Latin American restaurant, ... Read more »

$17.2m 'dream' home inspired by Frank Sinatra - London luxury property

London is awash with spectacular prime properties, and following the change to the UK’s travel rules, it is now much easier for travellers from the UAE to come and see ... Read more »

Third party to probe Oxford High's actions ahead of school shooting

PONTIAC, Mich. — A third party will investigate events at Oxford High School that occurred before a school shooting that left four students dead and six other students and a ... Read more »

A Michigan teacher was suspended after reports that he told students how he would have carried out the Oxford High School shooting differently

The teacher was suspended on Friday, local media reported.Dan Forer/Getty Images A Michigan teacher was suspended after allegedly saying he was going to “shoot up the school.” He made the ... Read more »

Rescuers brave horrendous conditions in Scotland to rescue man injured in avalanche at Coire an t-Sneachda in Grampian Mountains

A man had to be stretchered down a mountain in the Scottish Highlands after injuring his leg during an avalanche, rescuers have said. Read more »

Vigil held for victims of Michigan school shooting

A vigil was held Friday for the victims of a school shooting in Oxford Township, Michigan, near Detroit. (Dec. 4) Read more »

Jodi Sta. Maria Has the Best Tips for Having Youthful Skin in Your 30s

© Provided by Despite being in one of the most looks-focused industries in the world, Jodi Sta. Maria has grown to have an introspective approach to beauty. At 39, ... Read more »

These Stylish Brides Will Make You Want to Wear a Puff-Sleeve Gown to Your Wedding

© Provided by Dainty brides, look no further for the dress of your dreams! As of late, we’ve noticed that there’s an emergent bridal gown trend, evidenced by the ... Read more »

Caught in the act! Dan Walker and his Strictly Come Dancing partner Nadiya Bychkova are spotted doing cheeky jig to 'sway favour' with viewers

Strictly hopeful Dan Walker and his partner Nadiya Bychkova have been caught doing a sneaky dance in an apparent attempt to curry favour with viewers. While hosts Tess Daly and Claudia ... Read more »

University of New Hampshire student, 22, is found dead in woods 36 hours after from going missing following 'first fight ever' at frat party that saw him ejected from bash

Vincenzo Lirosi, 22, a University of New Hampshire student who went missing early Saturday morning, was found dead on SundayLirosi located by a New England Search and Rescue K-9 team in a marshy area close to the campus Student had attended a frat party at which he got into a fight and was told to goHe was walking back to his residence after 1am with the alarm raised at 3am The cause and manner of death will be determined after an autopsy although it is not thought to be suspicious'Though this is not the outcome we had all hoped for, we are grateful that we were able to find Vincenzo and bring some closure to his family, ' police said Read more »

420 new military graduates deployed in Afghanistan

© IANS 420 new military graduates deployed in Afghanistan Kabul, Dec 6 (IANS) A total of 420 newly graduated soldiers have been deployed in Afghanistan’s northern region, the Taliban-led Defence ... Read more »

RRB NTPC CBT-2 schedule announced on, check details here

© Provided by Zee News New Delhi: The Railway Recruitment Boards (RRBs) on Sunday (December 5, 2021) announced that the second computer-based test (CBT) of the RRB NTPC recruitment will ... Read more »

CAA and unfinished trauma of Partition: Time to look at the issue in a holistic manner

© Provided by Firstpost CAA and unfinished trauma of Partition: Time to look at the issue in a holistic manner The Citizenship Amendment Act (CAA) 2019 makes the provision to ... Read more »

Sharp rise in the number of single-day Covid-19 cases

© Provided by The Statesman Sharp rise in the number of single-day Covid-19 cases The city on Sunday detected 63 fresh Covid-19 cases out of 55,711 tests conducted for the ... Read more »

Anand Rathi IPO sees 3.77 times subscription on day 3, QIB portion booked 17%

© Shweta Mungre Anand Rathi IPO sees 3.77 times subscription on day 3, QIB portion booked 17% The initial public offering of Anand Rathi Wealth, one of the leading non-bank ... Read more »

Nagaland killings: Neiphiu Rio to attend funeral of deceased at Mon today

© Provided by Firstpost Nagaland killings: Neiphiu Rio to attend funeral of deceased at Mon today The Nagaland government has announced an ex-gratia of Rs 5 lakh each to the families ... Read more »

Japan to strengthen defence posture drastically -PM Kishida

© Reuters/POOL Japanese PM Kishida holds news conference after big election win TOKYO (Reuters) – Japan will fundamentally strengthen its defence posture by looking into options including acquiring the capability ... Read more »

Zhao Xintong wins UK Championship title in style with dominant win over Luca Brecel

© Provided by Metro Zhao Xintong has claimed the UK Championship title in stunning fashion (Picture: VCG via Getty Images) Zhao Xintong has won the UK Championship for the first ... Read more »

Trump-tied group pushing for voting changes in Wisconsin

A group formed to support former President Donald Trump s agenda is working with Wisconsin Republicans on a ballot measure that would bypass the state’s Democratic governor to change how ... Read more »

OPEC+ agrees to continue raising oil output despite Omicron; here's why

© Provided by CNBCTV18 The crude oil cartel Organisation of Petroleum Exporting Countries and Russia-led oil producers (OPEC+) announced sticking to its policy of incrementally easing output restrictions on Thursday’s ... Read more »

Octavia Spencer says her house is haunted by the spirit of a late movie star

© Getty Images for Disney File: Octavia Spencer says she doesn’t want other guests bringing their ghosts to her house – Getty Images for Disney Octavia Spencer has claimed that ... Read more »

India vs New Zealand 2021: 'I'm Not Really Thinking About It'-Shreyas Iyer in No Hurry to Seal Playing-Eleven Spot

© Provided by News18 India vs New Zealand 2021: ‘I’m Not Really Thinking About It’-Shreyas Iyer in No Hurry to Seal Playing-Eleven Spot Shreyas Iyer turned 27 on Monday and ... Read more »

Thieves Are Now Using Apple AirTags To Steal Luxury Cars

© Provided by News18 Thieves Are Now Using Apple AirTags To Steal Luxury Cars Apple AirTags can be useful to track keys and valuables in case they get lost. The ... Read more »

Cryptocurrency prices today: Bitcoin trading flat; XRP, Uniswap, Dogecoin fall up to 3.52%

© Provided by Business Today Cryptocurrency prices today: Bitcoin trading flat; XRP, Uniswap, Dogecoin fall up to 3.52% World’s largest cryptocurrency Bitcoin was trading marginally higher today. The price of ... Read more »

Ehemaliger US-Präsidentschaftskandidat Bob Dole ist tot

© dpa/Carolyn Kaster Der ehemalige republikanische Präsidentschaftskandidat Bob Dole ist tot Quelle: dpa/Carolyn Kaster Der ehemalige amerikanische Präsidentschaftskandidat Bob Dole ist tot. Der republikanische Politiker starb im Alter von 98 ... Read more »

Eris Lifesciences jumps 10% as investors cheer JV with MJ Biopharm

NEW DELHI: Shares of Eris Lifesciences skyrocketed 10 per cent in early trading on Monday after the drugmaker said that it formed a joint venture (JV) with Mumbai-based MJ Biopharm ... Read more »

LED-lights galore at Christmas Wonderland now open in Singapore (Photos)

The seven-story Spalliera light sculpture, at left, and the 100,000-LED lights bridge, at right. Photo: Carolyn Teo/Coconuts The season of giving – and dazzling festive lights – is back at ... Read more »

These 6 mid and smallcaps defied gravity to rally up to 110% after Diwali

New Delhi: The domestic equity markets saw a strong bull run in the current year. But the fireworks on Dalal Street have been muted after Diwali as the markets have ... Read more »

PM Modi pays tributes to Ambedkar on death anniversary

Prime Minister Narendra Modi on Monday paid tributes to B R Ambedkar, the architect of India’s constitution, on his death anniversary. Modi joined President Ram Nath Kovind and Vice President ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic