Summary
The UK Chancellor, Rachel Reeves, stated that the Brexit deal has caused long-term harm to the UK economy. She highlighted this issue during an international economic meeting, noting a 4% economic decline compared to staying in the European Union. The government plans to integrate this argument into discussions leading up to the upcoming Budget.
Key Facts
- Rachel Reeves is the UK Chancellor, and she voiced concerns about Brexit's economic impact.
- She cited a 4% decline in the economy due to Brexit, as estimated by the Office for Budget Responsibility (OBR).
- The concerns were shared at an International Monetary Fund (IMF) committee meeting attended by global financial leaders.
- The government intends to discuss these economic challenges in the upcoming Budget on November 26.
- The potential for tax increases and government spending cuts is part of the response to the economic situation.
- The UK aims to strengthen trade ties and address productivity challenges as part of its economic strategy.
- Changes to post-Brexit trade checks and involvement in European defense contracts are being considered to improve the situation.
