That battle bus claiming more money for the NHS, that was completely wrong. Look, if you told the British electorate, hey, you know what, you can vote for Brexit. You know, it's going to cost you £2,000 a year, but you want less immigrants and you want, you know, cheaper housing because there's less people around, you can have it. The problem is that was never what was promised. There was promised more spending on the NHS, which has basically turned out to be an absolute life. I mean, my rough and ready calculation is on a three trillion

pound economy, we're looking at 240 billion of income that has disappeared. Is that right?

This is an enormous loss of money.

Hello and welcome to The Rest Is Money with me, Robert Pestan.

I think Steph McGoverns off solving crime again or whatever she does in her spare time.

But I'm thrilled that I'm joined by the Distinguished Stanford economics professor, Nick Bloom.

Nick, very good to see you.

And I think most of what we'll talk about today is the report that you did on the cost of Brexit,

which pleased some people and infuriated others.

And I was quite struck.

I don't know if you regarded this as a badge of honour or something that you'd rather not have happened.

But I noticed that the Chancellor has taken to referring to your assessment that leaving the EU

has led to an 8% reduction in GDP, an 8% loss in national income. It's been quite striking in the

sort of political sphere that she's started, in a sense, essentially giving you this great

accolade of official approval at a time when they're very,

very keen to persuade the British people that we need to move economically and actually

diplomatically closer to the EU. So it's an important number that 8%. I think it's roughly

double the estimate that the Office for Budget Responsibility,

the only sort of official work, the Office for Budget Responsibility has done on this, I think,

said the loss was about 4%. I'm really fascinated just to start with, how did you, because you

use two different methods, and actually your assessment is the loss is somewhere between 6 and 8%. But talk me through how you said about approaching this assessment and how you came up with

that number. Yeah, so basically there's a top down and a bottom up approach. So the top down

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