Brexit a major cause of UK’s return to austerity, says senior economist

Former Bank of England policymaker Michael Saunders says leaving EU has permanently damaged' economy

Brexit is the ultimate reason why the UK now faces a fresh round of austerity, a former interest rate-setter at the Bank of England has said.

The UK economy as a whole has been permanently damaged by Brexit," Michael Saunders, who was an external member of the central bank's monetary policy committee, said in an interview with Bloomberg TV.