Monday, 4 Aug 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > Hunt Contests Watchdog’s Forecast of 4% Brexit Hit to UK Economy
World

Hunt Contests Watchdog’s Forecast of 4% Brexit Hit to UK Economy

Enspirers | Editorial Board
Share
Hunt Contests Watchdog’s Forecast of 4% Brexit Hit to UK Economy
SHARE

(Bloomberg) — Chancellor of the Exchequer Jeremy Hunt contested the UK fiscal watchdog’s projection that Brexit will reduce the size of the economy, saying the split from the European Union could actually make Britain richer.

Most Read from Bloomberg

“What I don’t accept is that the long-term impact of that decision will be to make us poorer,” Hunt said in an interview with Sky News on Thursday, when asked about the Office for Budget Responsibility’s forecast of a 4% Brexit hit relative to staying in the EU. “I don’t accept the 4%.”

Hunt said the projection doesn’t account for the potential benefits of regulatory reforms that the British government plans to deliver, citing areas such as new medicines and artificial intelligence. His comments come at a time of growing evidence of the economic damage from Brexit — through higher trade barriers with the UK’s largest trading partner — and as Britons show signs of regret.

Read More: UK Searches for Brexit Benefits as Promised ‘Freedoms’ Fall Away

“There are big opportunities for us to become much more wealthy than we would otherwise have been,” HUnt said, adding his aim is to make Britain the next Silicon Valley. “Being able to set your own regulations means that you can do some of those things in a way that wouldn’t have been possible.”

Since the Brexit vote in 2016, the UK government is yet to deliver major legislative change with significant benefits for businesses. Instead, companies have had to grapple with higher paperwork costs on trade, a tighter labor market spurred by a reduction in EU migration and a weaker pound increasing import costs. Brexit has also had a political cost of aggravating tensions in Northern Ireland and hurting diplomatic relations with the EU.

This week, Hunt said he wants to stick with the zero-tariff, zero-quota trade agreement with the EU signed by Boris Johnson, and rejected reports that the UK is considering a closer, Swiss-style relationship with the bloc.

“This is not the right deal for the UK,” Hunt told Sky when asked about the EU’s relationship with Switzerland, which receives greater market access in exchange for payments to the EU budget and other concessions. “We are going to pursue different regulations as an independent, sovereign country.”

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.

Share This Article
Twitter Email Copy Link Print
Previous Article Mariah Carey’s kids join her sweet ‘All I Want for Christmas Is You’ Thanksgiving Day Parade performance Mariah Carey’s kids join her sweet ‘All I Want for Christmas Is You’ Thanksgiving Day Parade performance
Next Article Winston the French Bulldog Wins Best in Show at the 2022 National Dog Show Winston the French Bulldog Wins Best in Show at the 2022 National Dog Show

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

UN body issues ‘antisemitic report’ against Israel, critics charge

Benjamin WeinthalJune 7, 2022, 12:13 PMThe United Nations Human Rights Council in Geneva – declared…

By Enspirers | Editorial Board

How Shapewear—Like Spanx and Skims—Went From Underwear to High Fashion

“IT’S UNFORTUNATE that nature has a bad sense of humor,” said Beverly Hills plastic surgeon…

By Enspirers | Editorial Board

Bill Murray Replaced by Steve Carell in Wes Anderson’s ‘Asteroid City’ After He Got COVID

Bill Murray will not appear in Wes Anderson’s next film “Asteroid City” and was replaced…

By Enspirers | Editorial Board

Sally Field says Burt Reynolds ‘invented’ that she was the love of his life: ‘I wasn’t’

Sally Field, at the premiere of HBO's Winning Time: The Rise of the Lakers Dynasty…

By Enspirers | Editorial Board

You Might Also Like

Australia information dwell: Husic says Harbour Bridge march a ‘wake-up call’ for politicians; flood warnings for NSW
World

Australia information dwell: Husic says Harbour Bridge march a ‘wake-up call’ for politicians; flood warnings for NSW

By Enspirers | Editorial Board
Household of Kenyan girl allegedly murdered by UK troopers criticise defence secretary
World

Household of Kenyan girl allegedly murdered by UK troopers criticise defence secretary

By Enspirers | Editorial Board
Dangerous males drawback: Gareth Ward and Mark Latham go away NSW parliament in unchartered territory
World

Dangerous males drawback: Gareth Ward and Mark Latham go away NSW parliament in unchartered territory

By Enspirers | Editorial Board
In wartime, demonstrations in Ukraine can by no means be greater than a peaceable protest
World

In wartime, demonstrations in Ukraine can by no means be greater than a peaceable protest

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?