EU exit will shape our economy for decades

I HAVE been asked on many occasions to compare the economic costs of Covid with those of Brexit.

On one level, there is simply no comparison. During the height of lockdown, economic activity in Scotland fell by a fifth, and did so in record time. Many businesses in retail, hospitality and tourism have seen their entire livelihoods taken from them. Even with a partial recovery in recent months, the Office for Budget Responsibility believes that the UK economy is still 10 per cent smaller than it was this time last year – one of the deepest recessions of any country in the OECD.

Authors

Director of the Fraser of Allander Institute.

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