Brexit Vote Has Already Cost Households 'a Lot of Money'

LONDON (AP) — Britain’s top central banker says the country’s vote nearly two years ago to leave the European Union has cost the average household in the country 900 pounds.

In testimony to lawmakers Tuesday, Bank of England Governor Mark Carney said the British economy is around 1.5 percent smaller than expected on the eve of the Brexit referendum.

That, he added, amounts to around 900 pounds ($1,205) per household, “which is a lot of money.”

Though Brexit has yet to happen, the vote to leave the EU reduced the value of the pound by around 15 percent, which raised the cost of imported goods and raised the rate of inflation.

The Brexit vote has also kept a lid on business investment, contributing to Britain’s decline in economic growth.