From The BBC

Impact of Brexit on economy 'worse than Covid'

"The impact of Brexit on the UK economy will be worse in the long run compared to the coronavirus pandemic, the chairman of the Office for Budget Responsibility has said.

Richard Hughes said leaving the EU would reduce the UK's potential GDP by about 4% in the long term.

He said forecasts showed the pandemic would reduce GDP "by a further 2%".

"In the long term it is the case that Brexit has a bigger impact than the pandemic", he told the BBC.

His comments come after the OBR said the cost of living could rise at its fastest rate for 30 years, with suggestions inflation could hit almost 5%.

Speaking after Wednesday's Budget, Mr Hughes said recent data showed the impact of Brexit was "broadly consistent" with the OBR's assumption that the leaving the EU would "reduce our long run GDP by around 4%".

"We think that the effect of the pandemic will reduce that (GDP) output by a further 2%," he added.

The Treasury has been contacted for comment."