Chote said that cumulative growth potential of the economy will be weaker than thought in March, largely because weaker business investment depresses trend productivity growth by slowing capital deepening.

Potential GDP growth is also depressed by a weaker outlook for net inward migration, and by 2020/21 the economy will be between 2 and 2.5 percent smaller than it would have been based on the March forecast.

The outlook for the public finances is also weaker than expected in March. Borrowing was already overshooting the OBR forecast ahead of the referendum, said Chote, because of weak income tax receipts and higher local authority spending.

"Looking forward, the income tax shortfall increases as the downward revision to our trend productivity forecast slows the growth of average earnings," he said.

The negative impact of Brexit will be felt sharply next year with a squeeze on real consumer spending as the fall in the pound since the referendum pushes up import prices and Consumer Price Inflation.

However, there is a positive from Brexit.

Chotes said: "These two negative effects are partially offset by a near-term boost to GDP from stronger net trade volumes, as the weaker pound encourages exports and discourages imports and as weaker consumer and investment spending mean less demand for imports." (1 pound = 1.24 U.S. dollars)

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