LONDON, Nov. 23 -- The cost of Brexit to the UK economy will be 58 billion pounds (about 72 billion U.S. dollars), according to figures released on Wednesday in the wake of the government's annual autumn financial statement.
The OBR, the economic forecaster set up by the UK government, unveiled the full range of the statistics and data that UK Chancellor of the Exchequer Philip Hammond based Wednesday's autumn statement on.
It is the first major economic announcement since the referendum vote to leave the European Union (EU) on June 23, and shows the expected negative impact of that vote on future economic growth and government revenue.
The UK government will need to borrow an additional 122 billion pounds up to April 2021 above the borrowing total in the March Budget, according to the OBR.
About half of this amount, OBR director Robert Chote told journalists on Wednesday afternoon, will be down to the Brexit effect.
"The economy has not slowed as sharply as some forecasters feared in the wake of the referendum vote to leave the EU. But it has slowed. And the outlook is weaker than at the time of the Budget," said Chote.
"We expect the quarterly growth rate of GDP to continue slowing into next year, as uncertainty over the UK's future trade and migration regime delays business investment and as the fall in the pound squeezes real consumer spending by pushing up inflation. But growth remains positive," Chote said.
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