Brexit to be remembered as 'historic economic error,' says former US treasury secretary

Summers criticized Brexit for damaging the UK economy, increasing inflation, and having flawed economic policies.

He also criticized the Bank of England for not having proper monetary policies.

Summers predicted that the UK would likely enter a recession within the next two years.

The UK has paid £7bn due to trade barriers on food imports from the EU since Brexit.

High food inflation in the UK is the highest in the industrialized world, with a 25% increase since 2019, but would have only been 17% without post-Brexit trade restrictions, nearly a third lower.