This 'Frankenstein' model shows how much damage Brexit has already done to the UK economy

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• The British economy is already more than 2% smaller than it would have been had voters decided to remain in the EU, a new analysis from UBS shows.
• Using a "Frankenstein" model, which cobbles together data from other major economies, the bank's economists worked out the hit to UK growth.
• Alongside slower GDP growth, UBS said that investment, consumption, and the pound are all substantially lower than they could have been if the leave campaign had not triumphed.

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You would have to look pretty hard to find an economist who believes Britain's exit from the EU will be — at least in the short and medium term — anything other than a negative for the UK economy.

With the exception of the group Economists for Brexit, every bank, research house and think-tank has modeled a significant decline in British economic output because of the Leave vote, with scenarios where the UK falls out of the EU without a deal showing significantly more economic damage. 

See the rest of the story at Business Insider

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See Also:

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• REPORT: Mark Carney has been asked to extend his term as Bank of England governor as Brexit looms
• 'Everyone is seriously concerned': 2 years after its viral Brexit letter, Japan is back with another dire warning on leaving the EU

SEE ALSO: $71 billion Japanese giant Panasonic is pulling its European headquarters out of the UK — and Brexit is to blame

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