Brexit reduced UK economy by 5.5% and led to tax rises

The findings are the latest to highlight the costs of Brexit, which are limiting Prime Minister Rishi Sunak’s effort to pull the UK economy out of a recession

Brexit has left the UK economy 5.5% smaller than it would have been and added to the squeeze on public services that’s behind strikes crippling the railways and National Health Service, a prominent research group concluded.

The Center for European Reform said that slower growth is also weighing on the UK Treasury’s revenue and that the tax increases announced in the autumn fiscal statement wouldn’t be necessary if the UK were still in the European Union’s common market.