Cost of Brexit to UK economy running at £40bn a year – Bank rate-setter

Gertjan Vlieghe's estimate of weekly bill, 800m, is more than double battlebus 'bonus'

The cost of Brexit to the British economy is running at 40bn a year and a damaging no-deal scenario could force an emergency cut in interest rates, according to a Bank of England rate-setter.

Gertjan Vlieghe, a member of the Bank's monetary policy committee, said that since the vote in June 2016, the economy had lost about 2% of GDP compared with a scenario where there had been no significant domestic economic events.