UK consumers benefit relatively little from the EU’s single Internal Energy Market (IEM), Professor Michael Pollitt told attendees at the Future of Utilities conference in March, and other macroeconomic issues surrounding Brexit would be “orders of magnitude” more important.

Among those issues, Pollitt said that if there were reduced economic growth in the UK as a result of Brexit, “it would have a far bigger impact than the loss of the IEM”, and he noted that the fall in the value of sterling had likely been more dramatic.