Brexit cost 6% of UK economy, Bank of England company data suggests
- A new analysis from the Centre for European Reform found that Brexit has reduced trade in nearly every sector of the UK economy, with experts warning proposed solutions for closer European Union ties offer limited growth.
- Almost ten years have passed since the referendum where the British public opted to leave the European Union, a vote Prime Minister David Cameron originally called to resolve internal Conservative Party debates.
- Research indicates significant declines across sectors: the travel industry is down 39 per cent and agrifood exports down 29 per cent, while Britain's worldwide exports have fallen 5 per cent and imports 8 per cent.
- Politicians including Andy Burnham and Wes Streeting have expressed interest in rejoining the European Union, though researchers warn rejoining the single market would require politically difficult commitments like freedom of movement and contributions to the Budget.
- Discussions about establishing a closer relationship with Europe are "happening behind closed doors," report authors John Springford and Anton Spisak said, urging politicians not to pursue options "unlikely to contribute meaningfully to economic growth.
7 Articles
7 Articles
Brexit cost UK economy 6% of GDP over decade, Bank of England-backed study suggests
A decade after Britain voted to leave the European Union, new analysis drawing on Bank of England corporate data suggests Brexit has cost the UK economy around six per cent of its output.The study, co-authored by Stanford University professor Nick Bloom and Bank economists, examined the decisions and financial performance of thousands of British companies in the years following the 2016 referendum.Researchers estimated that roughly half of the e…
How Brexit is being felt in UK economy 10 years on
There's been an unexpected drop in the unemployment rate, but there are signs the jobs market remains tough - with falling vacancies and a rise in less secure employment. It's fresh evidence that the British economy is still in need of a boost - and 10 years after the Brexit…
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