This is the best tl;dr I could make,
original reduced by 58%. (I’m a bot)
The impact of Brexit on the UK economy will be worse in the long run compared to the coronavirus pandemic, the chairman of the Office for Budget Responsibility has said.
He said forecasts showed the pandemic would reduce GDP “By a further 2%”.”In the long term it is the case that Brexit has a bigger impact than the pandemic”, he told the BBC.His comments come after the OBR said the cost of living could rise at its fastest rate for 30 years, with suggestions inflation could hit almost 5%.Speaking after Wednesday’s Budget, Mr Hughes said recent data showed the impact of Brexit was “Broadly consistent” with the OBR’s assumption that the leaving the EU would “Reduce our long run GDP by around 4%”.”We think that the effect of the pandemic will reduce that output by a further 2%,” he added.
Both the pandemic and Brexit have played a part in current supply chain issues across the UK, and have further exposed the scarcity of lorry drivers, which has resulted in recent shortages of products for businesses and some empty shelves for customers.
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