Brexit's economic toll: Britain poorer a decade after the vote, data shows
By
Richard Partington
Pulled from the oven just right. Trustworthy, fact-dense, deeply satisfying.
Summary
As the 10th anniversary of the Brexit vote approaches, analysis shows that leaving the EU has made Britain significantly poorer. While the immediate recession predicted by Treasury forecasts did not materialize (dubbed "project fear" by Leave campaigners), long-term economic forecasts were accurate. The economy is substantially smaller than it would have been otherwise, and trade has suffered. External factors like the Covid pandemic, wars in Ukraine and Iran, and Trump's trade battles complicate the picture, but experts agree the overall economic costs of Brexit are clear and severe for households and businesses.
Key quotes
· 3 pulledThe immediate recession predicted in the Treasury forecasts ordered by George Osborne – dubbed 'project fear' by the Leave campaign – did not happen.
But experts agree the long-term forecasters were on the money: the economy is significantly smaller than it would otherwise have been, trade has suffered.
The impact from the Covid pandemic, wars in Ukraine and Iran, and Donald Trump's trade battles also cloud the picture.
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