Facts

The Office for Budget Responsibility (OBR) reported that “The latest evidence suggests that Brexit has had a significant adverse impact on U.K. trade, via reducing both overall trade volumes and the number of trading relationships between U.K. and EU firms.”

The report goes on to reaffirm their earlier predictions, made in March 2020, that Brexit would ultimately reduce productivity and UK gross domestic product by 4 per cent compared with a world where the country remained inside the EU.

The Financial Times estimates that level of decline, worth about £100bn a year in lost output, to result in lost revenues for the Treasury of roughly £40bn a year.

Verdict 

Jeremy Hunt statement that  “I don't accept that Brexit is the cause of the big economic difficulties we face” shows that his analysis is disastrously wrong – worrying given that he is in charge of the national finances. 

Like Rishi Sunak and every other Conservative ministers Jeremy Hunt is in a state of denial regarding the impact of Brexit.

We emailed Jeremy Hunt’s office and HM Treasury offering them the chance to respond. The email was received, but no response.