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The economic effects of Brexit were a major area of debate [1] during and after the referendum on UK membership of the European Union. The majority of economists believe that Brexit has harmed the UK's economy and reduced its real per capita income in the long term, and the referendum itself damaged the economy.
On 5 January 2017, Andy Haldane, the Chief Economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England, admitted that forecasts predicting an economic downturn due to the referendum were inaccurate and noted strong market performance after the referendum, [24] [25] [26] although some have pointed to prices ...
A few weeks after the referendum, an e-petition originally set up beforehand on 25 May 2016 by a member of the Leave-supporting English Democrats [failed verification] demanding it be re-run in the event that a supermajority was not reached became the most popular petition on the site, receiving 4,150,262 signatures. [13]
The economy still needs additional workers, so this is why [the government has] increased the number of these work permits for people from outside the European Union." [ 35 ] EU citizens working in the health and social care sector have been replaced by migrants from non-EU countries such as India and Nigeria . [ 36 ]
Several allegations of unlawful campaigning and Russian interference arose during and after the referendum. The results recorded 51.9% of the votes cast being in favour of leaving. Most areas of England and Wales had a majority for Leave, and the majority of voters in Scotland, Northern Ireland, Greater London and Gibraltar chose Remain. Voter ...
The referendum was first announced by then-Prime Minister David Cameron on 23 January 2013. Cameron announced that he would attempt to re-negotiate Britain's terms with the EU before holding an in-out referendum no later than two years after the next general election – should he still be prime minister. [88]
In particular, there was a broad consensus among economists and in the economic literature that Brexit would likely reduce the UK's real per capita income in the medium and long term, and that the Brexit referendum itself would damage the economy.
Financial referendums have a moderating and disciplining effect on public funds and reduce centralization of government spending. [3] Disproportionately high or unpopular expenditure will most likely not be approved by the citizens in referendums, and referendums are associated with significantly lower public expenditure and taxes.