GETTYThe economy will actually start growing faster in the run up to Brexit, a major study revealed
The National Institute of Economic and Social Research expects the growth rate to pick up from a five year low of 1.7 per cent in 2017, 1.9 per cent in 2018 and 2 per cent in 2019 – coinciding with the UK leaving the EU, The Daily Mail reported.
NIESR director Jagjit Chadha said: “According to our forecast, 2017 will mark the trough for growth.
“Thereafter, we envisage a modest recovery that takes growth to a level that is close to potential.Related articles
“GDP growth scenarios related to exit from the EU that were at the lower end of the distribution have so far proved to be too pessimistic.”
Prior to the EU referendum, the Treasury released a document titled: “The immediate economic impact of leaving the EU.”
The document – coined the “dossier of doom” – was presented to Parliament by the Chancellor George Osborne and it said: “A vote to leave… would represent an immediate and profound shock to our economy.
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Britain's Foreign Secretary Boris Johnson holds a tuatara lizard during his visit to the Zealandia wildlife santuary in Wellington
“That shock would push our economy into a recession and lead to an increase in unemployment of around 500,000, GDP would be 3.6 per cent smaller, average real wages would be lower, inflation