Brexit will have soon cost the UK more than all its payments to the EU over the past 47 years put together
"The method used to calculate this loss is to compare the UK’s GDP growth with that of the G7 average. At first glance this seems fair enough, measure the performance of a rich country against other rich countries."
"But who are those other six countries, and how useful is the comparison? The US, Canada, Japan, Germany, France, Italy."
"The thing about averages is, of course, that they are made up of the individual performances of the components. When we go and look at those countries, we find that the worst performances are among the EU countries (Italy, and latterly Germany), France does better, but – and here’s the key point–it’s the US and Canada driving the average up."
"In fact, the UK is very middle-of-the-road once we dismantle the average.Given the insipid performance of our continental neighbours, the idea that leaving the EU is going to depress growth becomes a little harder to support."
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