Families Down $1,200 After Brexit "Which is a Lot of Money" - Bank of England

Households in Britain are financially worse off after Brexit, according to the governor of the Bank of England. The head of the Bank of England admits Brexit has cost British households "a lot of money."

Giving evidence at a Treasury select committee hearing, Dr. Mark Carney claimed families were US$1,200 (£900) worse off following the European Union referendum held in the UK in 2016.

"Real household incomes are about $1,200 (£900) per household lower than we forecast in May of 2016, which is a lot of money," Dr. Carney said.

The Bank of England's governor also said Britain's economy was two percent smaller than predicted before the EU referendum was held in 2016.

Mark Carney from the Bank of England has just confirmed that household incomes are now £900 lower than forecast just before the EU Referendum. Can't remember that being written on the side of that red bus! #Brexit

— Tom Brake (@thomasbrake) May 22, 2018

READ MORE: Another Brexit Surprise: UK Retail Rebounds in April, Inflation Eases

Dr. Carney told the committee the UK's economy is "up to two percent lower than it would have been" before the Brexit vote.

MUST-WATCH: Mark Carney, Bank of England Governor, reveals today that households are already £900 worse off than forecast.

Brexit is already costing every person in this country hundreds of pounds in lower income, and we haven’t even left yet. Please RT: pic.twitter.com/YQQVkJwR2y

— Chuka Umunna (@ChukaUmunna) May 22, 2018

"It's understandable why businesses are holding back — there are big decisions about to be made, why wouldn't they wait a little longer until the path is clear?" Dr. Carney suggested.

Idiot Mark Carney bleating about Brits being worse off relative to some nebulous forecast he made in May 2016
His forecasts are rubbish. Especially the one about what would happen if Brits voted Brexit… which the British economy outperformed

— El Gamón Sabroso (@semperfidem2004) May 22, 2018

READ MORE: Pound Sterling Tumbles Again as UK Business Weigh Brexit Losses

The National Institute of Economic and Social Research (NIESR) had previously predicted households in Britain would be US$806 (£600) a year worse of following the ‘yes' vote to leave the European Union.

Our second edition @EveningStandard: Mark Carney tells MPs that real family incomes now £900 less and economy 2pc smaller than pre-Brexit referendum forecast — even though other European economies turned out to be ‘much much stronger’ than expected and Bank injected stimulus pic.twitter.com/0F3qrgEdon

— George Osborne (@George_Osborne) May 22, 2018