Brexit vote has cost each household £900 to date

The Bank of England Governor, Mark Carney, says the vote to leave the European Union has cost households about £900.

Speaking to the Treasury Committee, he said: “If you map that into household incomes… Real household incomes are about £900 lower than we forecast in May 2016, which is a lot of money.”

According to his statement, the UK economy has contracted 1 per cent more than expected two years ago.

Mr Carney explains that heavy snow and icy conditions may have contributed to the slowdown in the economy in the first three months of 2018, blaming “temporary and idiosyncratic factors” for slowing the economy, rather than a change in circumstances.

Leaving the central bank’s estimate for growth in the second quarter of 2018 unchanged at 0.4 per cent, Mr Carney warned that the UK urgently needs the single market and customs union transition after March 2019.

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