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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.
The cost of Brexit is still being determined, but the government watchdog estimates that the economy will take a 15 per cent hit to trade in the long term, while experts suggest that the UK has ...
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.
In September 2016, following three months of positive economic data after the referendum, commentators suggested that many of the negative statements and predictions promoted from within the "remain" camp had failed to materialise, [37] but by December, analysis began to show that Brexit was having an effect on inflation. [38]
A recent study by the London School of Economics found that Brexit was responsible for about a third of UK food price inflation since 2019, adding nearly £7 billion ($8.8 billion) to Britain’s ...
Exclusive: Food sales to the EU have crashed by a fifth since Brexit, a minister has revealed, as Sir Keir Starmer faces mounting pressure to slash red tape for UK firms selling in Europe
Some analysts have suggested that the severe economic impact of the COVID-19 pandemic in the UK has masked the economic impact of Brexit in 2021. [339] In December 2021, the Financial Times quoted a range of economists as saying that the economic impact of Brexit on the UK economy and living standards "appears to be negative but uncertain". [340]
The Treasury economic secretary cited Office for Budget Responsibility (OBR) forecasts that the economy would shrink by 4 per cent in the long run due to Brexit, as well as warning that Britain ...