UK yet to see any any benefits from Brexit, says Bank of England chief economist

Bank of England Chief Economist Huw Pill suggested that the UK is yet to see any positive economic benefits from exiting the European Union.

Mr Pill said that it “remains too early to judge the full economic impact from Brexit but warned that there had not been any “offsetting effects from a blow to trade and the labour force.

The bank delivered a bleak assessment of the UK economy’s speed limit in its latest forecasts on Thursday.

It downgraded its outlook on potential growth — the limit at which activity generates excess inflation. That reflected a drop in the size of the workforce and trade friction with the EU.

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It estimated that by 2025 the UK will only be able to grow by 0.7 per cent a year, a sharp slowdown from the 1.7 per cent rate in the 2010s.

Asked on Times Radio whether he had heard any evidence of Brexit being an economic benefit to the UK, Mr Pill replied: “In those types of channels as modeled by the bank in the work we’ve published on that do suggest that that has weighed on the supply potential of the economy, he said, referring to how trade and migration after Brexit are affecting the economy.

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“I think as yet we have not seen offsetting effects, at least here in net terms in the other direction. - Bloomberg