‘We literally shot ourselves in the foot with Brexit,’ tax expert tells LBC

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June 9, 2022, 2:53 PM

The UK is lagging behind its European counterparts in terms of growth because of Brexit, the director of Tax Research UK told Nick Ferrari.

The UK is second only to Russia in the OECD’s growth forecast for 2023. The report predicts that Britain will have a growth rate of 0% next year.

“The OECD is quite optimistic,” Professor Richard Murphy told Nick Ferrari, adding that the forecast for 2022 is already a long way off.

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“There is no indication that we are going to get 3.6% this year,” he said, fearing that a 0% growth rate in 2022 and 2023 “will be worse than better than that” .

Professor Murphy referred to ‘particular UK problems’ as factors in the lack of growth. Asked by Nick, he noted that Brexit was the main issue.

“This week we saw data that shows only two regions in the UK have grown since 2019 – those are London, perhaps unsurprisingly, and Northern Ireland.”

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He continued: “There’s only one explanation for Northern Ireland’s growth while not everyone else is, of course it’s still in the single market. “

“We literally shot ourselves in the foot with Brexit,” said the head of Tax Research UK. “Whether we like it or not politically, it is an economic fact.

Nick wondered how the UK compares to our European neighbours. Professor Murphy said most of the EU is showing average growth of 2-3%.

“We are far behind the peloton.”

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