Facts

When asked by ITV News Economics Editor Joel Hills if leaving the EU had been a drag on the economy, Jeremy Hunt responded: “I don’t believe it is - the figures don’t show that.”

The most recent Brexit analysis from the Office for Budget Responsibility, based on their March 2023 forecast, states that the post-Brexit trading relationship between the UK and EU will “reduce long-run productivity by 4 per cent relative to remaining in the EU.” 

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

According to the IMF’s forecasts, the contraction of Britain’s economy is set to be the biggest among the G20 economies. 

Verdict

It cannot be said with confidence that Jeremy Hunt was lying. Perhaps he genuinely believed what he said. Like many other Conservative ministers Jeremy Hunt is in a state of denial regarding the impact of Brexit.

We emailed Jeremy Hunt’s parliamentary office and HM Treasury offering him the chance to respond. The email was received by both, but no reply.