The Office of National Statistics has revised down growth estimates for the first quarter of 2018 and reported falling levels of business investment, citing the Bank of England’s warning that, “Brexit uncertainty was weighing down discretionary or expansionary investment for some medium- to larger-sized businesses, or those with a greater international focus”.
Commenting, Alison McGovern MP, leading supporter of the People’s Vote campaign, said:
“Brexit is already weakening our economy, as these figures show. Growth estimates for 2018 have been revised down and business investment is falling. On top of that inflation is rising and real wages are stagnant.
“Brexit has already cost the UK economy £440 million a week in lost growth since the vote in 2016. This has meant less money for our NHS, public services and other national priorities.
“Whether it is Theresa May’s Brexit, Jacob Rees-Mogg’s Brexit or a blindfold Brexit, the only Brexit options on offer are bad, and the economic prospects are grim.
“The way out of the mess is a People’s Vote on whatever comes out of the Brexit negotiations.”