Impact of Brexit on UK economy even worse than critics predicted, says chancellor – UK politics live | Politics

Reeves suggests impact of Brexit on UK economy has been even worse than critics predicted at time

Rachel Reeves has suggested that the impact of Brexit on the economy has been even worse than critics predicted when the UK voted to leave the EU.

Speaking at the Regional Investment Summit in Birmingham, in response to a question about the budget, she said:

I don’t think that the past has to define our future. That’s why we are doing things differently. That’s why we are deregulating. It’s why we’re overturning the planning system. It’s why we are backing all regions of the UK with the capital spending that we’re putting in. Because I’m determined to defy those projections [from the OBR] and grow our economy quicker.

We also know – and the OBR, I think, is going to be pretty frank about this [in its next report on the state of the economy, published to coincide with the budget on 26 November] – that things like austerity, the cuts to capital spending and Brexit, have had a bigger impact on our economy than even was projected back then.

That’s why we are unashamedly rebuilding our relations with the European Union to reduce some of those costs that were, in my view, needlessly added to businesses since 2016 and since we formally left a few years ago.

This is the latest in a series of interventions showing that ministers are becoming increasingly confident criticising Brexit. For much of the last parliament, in the period immediately after the UK formally left, Labour leaders largely avoided the subject for fear of offending potential supporters who voted leave.

Rachel Reeves speaking at the Regional Investment Summit at Edgbaston Stadium, in Birmingham this morning. Photograph: Joe Giddens/PA
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