AI Generated Image
Brexit Has Cost the UK Growth, Analysts Say, in the Decade Since the Vote
The New York Times • • general
Key Points:
- Ten years after the Brexit referendum, economists agree that Brexit has harmed the British economy, with costs accumulating over time and outweighing any benefits.
- Contrary to initial government warnings of an immediate economic shock, the negative economic impact became more apparent gradually, particularly after trading rules changed in 2021.
- Brexit has also caused significant political instability, with the UK preparing to appoint its seventh prime minister since the 2016 vote, following Keir Starmer's resignation.
- Public opinion has shifted, with nearly half of Britons now believing Brexit has gone worse than expected and over half supporting rejoining the European Union.
- The UK economy is smaller than it would have been without Brexit, as the initial delay in leaving the EU and the transition period masked the economic consequences for several years.
