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Report: Brexit already cost UK more than 2% of GDP, UBS says


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Report: Brexit already cost UK more than 2% of GDP, UBS says

The U.K.'s GDP is already about 2.1% lower than what it would have been if the country had voted to remain in the European Union, Bloomberg News reported, citing an analysis by UBS Group AG.

Investment in the U.K. is down by 4%, while inflation is 1.5% higher and consumption fell 1.7%, according to UBS' estimates when comparing the country's current economic data with that of a similar economy, which consists of data from other countries unaffected by Brexit.

The 2.1% figure represents "roughly a quarter to a third of the total Brexit costs estimated in the most pessimistic assessments done prior to the EU referendum and almost equal to the full costs of some of the more optimistic assessments," the UBS analysts said, noting that the U.K. has not yet left the EU.