SAEDNEWS: The United Kingdom's exit from the European Union (Brexit) is costing the country 90 bln pounds (over $118 billion) annually in lost tax revenues.
According to a document prepared by the National Bureau of Economic Research for the House of Commons Library, Brexit has caused greater damage to the UK economy than expected, including "significant losses in tax revenue."
The economic damage caused by the 2016 referendum on leaving the EU had resulted in the UK’s GDP being between 6 per cent and 8 per cent smaller than it could have been, the report says. Per capita GDP fell by 2,700-3,700 pounds, TASS reported.
According to Nick Harvey, chief executive of European Movement UK, "the red tape and uncertainty of the past nine years have hit every single one of us in the pocket".
Brexit has done damage to Brits both nationally and individually, he added.
"Billions lost in tax every year, and all of us several thousand pounds poorer. Public opinion is now clear - Brexit has been an unmitigated disaster for the UK’s economy," he stated.
