Brexit ‘Permanently Damaged’ UK Economy, Michael Saunders Says
- Former BOE official says calls for closer trade links with EU
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Former Bank of England policy maker Michael Saunders said Britain’s exit from the European Union is one of the reasons why the UK is now entering a period of austerity.
“The UK economy as a whole has been permanently damaged by Brexit,” Saunders said in an interview with Bloomberg TV on Monday. “If we hadn’t had Brexit, we probably wouldn’t be talking about an austerity budget this week. The need for tax rises, spending cuts wouldn’t be there.”