As Rachel Reeves (finally) swings behind an explicit statement that Brexit has cost the UK around 8% of GDP, we might ask what that looks like:

It equals around £224bn a year (in 2025), which given the UK's tax burden of around 35% is £78bn in lost tax revenue a year.

So if you wondering why the public sector is under-funded, while a continuing austerity logic is always in play, this lost tax income for the state is also contributing to budget shortfalls.

#Brexit #politics
h/t Observer