UK’s economy ‘5% worse off than it would be in EU’ [Video]

The UK’s economy is now 5 per cent worse off than it would have been had it never left the European Union due to a slump in trade and investment since the Brexit referendum, according to a report by the global investment bank Goldman Sachs, writes David Connett.

This slowdown has resulted in Britain’s economy struggling to grow since the pandemic, having grown just 4 per cent since Britons voted to quit the EU.

This compares with an 8 per cent increase in countries that use the euro and a 15 per cent rise in the United States.

The UK has suffered from higher trade costs, declining international trade, lower investment and a fall in EU migration, according to the Goldman report.

While figures show overall immigration has risen higher than expected, this has mainly been due to increases in overseas students coming to study, rather than EU citizens seeking work.

“The evidence …