Chancellor says Brexit deal caused long-term damage to economy

In a recent meeting of global finance ministers and central bankers, UK Chancellor Rachel Reeves acknowledged that the 2020 Brexit deal has caused long-term damage to the British economy. Reeves' remarks underscore the ongoing economic challenges faced by the UK as a result of its withdrawal from the European Union. The Chancellor highlighted the adverse impact of the Brexit agreement on trade and investment, noting that it has hindered the country's economic growth and competitiveness. Reeves emphasized that the government is working to address these issues and mitigate the long-term consequences of the decision to leave the EU. The acknowledgment comes amidst growing concerns about the UK's economic performance, with the country facing high inflation, rising interest rates, and the potential for a recession. Reeves' comments are seen as a significant departure from the government's previous stance, which had often downplayed the negative economic impacts of Brexit.