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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.
In 2016, the impact of Brexit on the European Union (EU) was expected to result in social and economic changes to the Union, but also longer term political and institutional shifts. The extent of these effects remain somewhat speculative until the precise terms of the United Kingdom 's post-Brexit relationship with the EU becomes clear.
Research group, Oxford Economics says that depending on the new trading relationship with the EU, the impact on the British economy would be between −0.1% and −3.8% by 2030, than if the UK had remained inside the EU. [7] The impacts would vary across sectors but the group said that construction and manufacturing would be the worst affected. [7]
The figures mark a stunning decline and are particularly pressing as sales to the European Union make up 57 per cent of all UK food exports, making it Britain’s biggest market by far, worth £ ...
Almost two in three Britons believe Brexit has damaged the UK economy, a new poll for The Independent has found.. Some 61 per cent of voters say quitting the EU has made Britain’s economy worse ...
There is overwhelming or near-unanimous agreement among economists that leaving the European Union will adversely affect the British economy in the medium- and long-term. [b] [67] Surveys of economists in 2016 showed overwhelming agreement that Brexit would likely reduce the UK's real per-capita income level.
The Confederation of British Industry said such a plan would be a "sledgehammer for our economy", [8] [9] [10] and the National Farmer's Union was also highly critical. [11] Positive forecasting for the effects of a WTO Brexit for the UK cite other countries' existing WTO trade with the EU and the benefits of repossessing full fishing rights ...
On 19 July, the International Monetary Fund (IMF) reduced its 2017 economic growth forecast for the UK from 2.2% to 1.3%, but still expected Britain to be the second fastest growing economy in the G7 during 2016; the IMF also reduced its forecasts for world economic growth by 0.1% to 3.1% in 2016 and 3.4% in 2017, as a result of the referendum ...