Brexit has reduced the size of the UK economy by around 6%, according to new research based on internal Bank of England data.
The study found that roughly half of the economic impact came from uncertainty following the vote, with the remainder linked to increased trade barriers after the UK left the EU single market and customs union in 2021.
Co-author Professor Nick Bloom of Stanford University said the findings were supported by unique company-level data collected by the Bank of England.
The paper concludes: "In the case of Brexit, there was a substantial economic impact on the United Kingdom, but it arose gradually over the subsequent decade".
The findings come as Bank of England Governor Andrew Bailey has become more explicit about Brexit's economic effects. He recently said: "I think the level of activity and growth in the economy has been lower."
He added: "And the reason for that is that if you reduce the size of the markets that we trade with, so we reduce our export markets, then that does tend to have a negative impact on growth."
The latest study estimates a 6% reduction in economic output over the past decade, while a wider review of similar analyses suggests an average impact of around 8%.
FSTE100
The UK's flagship share index, the FTSE 100, was down two points at 10,399 shortly after opening this morning.
Brent crude oil futures were up 0.43%, sitting at $80.25 a barrel this morning.
Companies reporting
There are no FTSE350 companies reporting today.