Jacob Rees-Mogg refuses to say how much impact leaving the EU has had on the UK economy


Rexit Minister Jacob Rees-Mogg on Wednesday declined to say how leaving the EU has affected Britain’s economy – instead lashing out at experts who have published reports of the damage it is causing.

He did not answer whether the government had made an assessment of the economic harm or benefits of Brexit.

Put on the spot by The Standard, he said: ‘I’m not going to make those kinds of assessments because a lot of them were made before the referendum and they’re all crap.

“The Treasury told us we were going to be bankrupt and in the worst recession just by voting to furlough.

“There’s no point in making up silly numbers, which a lot of people have done and they’ve all turned out to be wrong so far.

“So, no, I’m not going to get into that game.”

However, the difference with the new reports is that these are not forecasts or predictions of what would happen if Brexit happens, but rather analyzes of the economic impact since Britain has voted to leave in 2016, then left in January 2020.

The Treasury has so far made no public assessment of the economic impact of Brexit and the Bank of England has been accused of being reluctant to talk about it so as not to upset the government.

Mr Rees-Mogg’s comments came just hours after a new report warned that Brexit would hit workers’ real wages by almost £500 a year and hurt Britain’s competitiveness.

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The Resolution Foundation study, in conjunction with the London School of Economics, said the immediate impact of the referendum result was clear, with a “depreciation-induced spike in inflation” raising the cost of living for households and leading to a decline in business investment.

The UK has not seen a large relative decline in its exports to the EU as many had predicted, although imports from the EU have fallen faster than those from the rest of the world, according to the report. ‘study.

The report says Britain has seen an 8% decline in trade openness – trade as a share of economic output – since 2019, losing market share in three of its largest import markets. non-EU goods in 2021, the United States, Canada and Japan. .

The full effect of the trade and co-operation agreement will take years to be felt, but the move towards a more closed economy, say the authors, will make the UK less competitive, reducing productivity and wages real, it was predicted.

The research estimated that labor productivity will be reduced by 1.3% by the end of the decade by changes in trade rules alone, contributing to lower wage growth, with the real wage pegged at £470 per worker less each year, on average, than it otherwise would have been.

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Another recent report, from the Center for European Reform, estimated that the UK was taking a £31 billion hit to GDP from Brexit.

However, Mr Rees-Mogg dismissed their findings, saying: “The Project Fear regurgitations don’t appear to me to be affecting anyone, anywhere by all the usual suspects.”

Earlier, the Minister said that a scoreboard will be made available to the public to show on a quarterly basis the degree of reform of EU legislation.

It promises an English-style revolution to get rid of unnecessary laws and regulations imported from the European Union.

Giving a statement to the Commons, Mr Rees-Mogg, whose portfolio includes Brexit opportunities and government efficiency, said: “As we maximize the benefits of Brexit and transform the UK into the economy better regulated in the world, we need to reform the EU law we have kept in our statute book.

“It is only through the reform of this retained European law that we can finally unravel nearly 50 years of EU membership.”

He continued: “I am pleased to announce that today we are publishing an authoritative catalog of over 2,400 pieces of legislation covering over 300 individual policy areas.

“This catalog will be available on gov.uk via an interactive dashboard. It will be updated quarterly so that the public can count down retained European law as the government reforms it.

He added: “The release of this dashboard provides the public with a real opportunity. We can now change everything in it.

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Mr Rees-Mogg said he was inviting the public “across the country” to “reshare their ideas for reform and delve into the elements of retained European law that impact their lives”.

He said: “Using this dashboard, the public can join us on this journey to amend, repeal or replace retained EU legislation. Together, we will make reforms that will give a crucial boost to productivity and help us bring the benefits of growth to the whole country.

But the Labor Party slammed the ad, saying the gadgets do nothing to address the “real challenges” facing the public today.

Shadow Foreign Office minister Stephen Doughty told MPs: ‘It just seems like a vain project. It is quite extraordinary that on the day when inflation tops 9%, the cost of energy skyrockets, families face massive pressures wondering how they are going to put food on the table, prices rise at Fastest pace for 40 years, the government’s offer today for the British people is a digital binder of existing legislation, which the gentleman describes, in his own words, as marginal.

“And while the government plans to cut 20% of civil servants, the minister for so-called government efficiency is running his own job creation scheme in the Cabinet Office, creating jobs for them to satisfy his own obsessions.”



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