04:36

Following a fresh warning on living standards from the Bank of England on Thursday, two leading economists have warned this morning that Britons will all be poorer over the next five years as Brexit delivers a blow to the economy.



Andrew Lilico, executive director of Europe Economics, said that Britain will probably lose out on a year’s worth of growth over the next few years, before expanding at a faster pace in the 2020s.

Lilico told BBC Radio 4’ Today programme:

Few things in life involving major changes come cost free so I think we should expect to lose a couple of percentage points of GDP growth - the equivalent of one year’s growth over the period of 2019/2020. Then in the 2020s I expect it to grow a little bit faster and by 2030 everything will have come out in the wash.”

Ngaire Woods, dean of the Blavatnik School of Government at Oxford University, agreed that UK households would be worse off over the next five years but was less optimistic about a swift turnaround in fortunes thereafter.