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World

Uncertainty clouds Brexit cost predictions

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World

Uncertainty clouds Brexit cost predictions

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COMING UP:Uncertainty clouds Brexit cost predictions

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Transcript

00:00:01
>> As far as autumn statements go, it was short on pages but the predictions within were not so slim.>> Chancellor of the exchequer.>> A nearly 60 billion pound price tag for Brexit. That's how much the UK's independent forecaster thinks the economy will be hit due to lower productivity and higher inflation.
00:00:22
Reuters Andy Bruce has been looking at the figures.>> This is a best guess. If you look at the chart, it has for future economic growth in Britain, there's a huge range of forecasts around that. It could be a lot better or it could be a lot worst.
00:00:39
We really don't know at this stage. It all depends on how the divorce proceedings of the EU go.>> In view of the uncertainty, of uncertainty, of uncertainty.>> That keyword sparking criticism from MPs in the leave camp, who say the predictions are too gloomy.>> Their forecast is too low.
00:00:58
Their borrowing forecast far too high and we will get good access to the single market once we're out of the EU.>> There is a fair amount of distrust towards economists in general. If you think back to the financial crisis, the vast majority of, say, market economists completely failed to predict the recession and economic growth, since June's Brexit vote has held up much better than the majority of economists, at least polled by Reuters, had forecast.
00:01:27
>> It will not be plain sailing in the days ahead.>> And economists haven't got everything wrong. The treasury foresaw Sterling's steep fall after the EU referendum only adding to the question mark over the true cost of Brexit.>> We are determined that