The United Kingdom has lost 6.6 billion pounds ($8.7 billion) in economic activi...
An anti-Brexit protester demonstrates outside the Houses of Parliament in London, Britain, April 3, 2019. REUTERS/Henry Nicholls
In a report published on Thursday, the ratings agency’s senior economist, Boris Glass, said the world’s fifth-biggest economy would have been about 3 percent larger by the end of 2018 if the country had not voted in a June 2016 referendum to leave the EU.“Immediately after the referendum, the pound fell by about 18 percent. This was the single most pertinent indicator of the impact of the vote and the drag it created, via inflation, has been spreading through the economy,” he said.
The estimate is slightly lower than an assessment by Goldman Sachs earlier this week, which pegged the cost to the economy at about 600 million pounds per week. That equates to 7.8 billion pounds a quarter, according to Reuters calculations.
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