Brexit: UK loses 6.6 billion pounds a quarter since referendum, says S&P
Updated : April 04, 2019 04:18 PM IST
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.
As imports became more expensive, inflation started to rise, curbing household spending. S&P estimated inflation was 1.8 percent higher than it would otherwise have been by the third quarter 2017.
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