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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.
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.
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 ...
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]
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.
On 18 July, the UK-based economic forecasting group EY ITEM club suggested the country would experience a "short shallow recession" as the economy suffered "severe confidence effects on spending and business"; it also cut its economic growth forecasts for the UK from 2.6% to 0.4% in 2017, and 2.4% to 1.4% for 2018.
Some Brexit supporters viewed the EU as an economic opportunity for Britain. This contradicted the Remain campaign's warnings of a potential 'economic black hole'. [69] Those who saw economic opportunity tended to be sympathetic towards free market and free trade ideas, viewing the regulatory nature of the EU as imposing on personal market ...
With over 40 million visits in 2019, inbound tourism contributed £28.5 billion to the British economy, although just over half of that money was spent in London, [202] which was the third most visited city in the world (21.7 million), behind second-placed Bangkok and first-placed Hong Kong.