The UK officially left the European Union on 31st January 2020. Tomorrow marks 6 years since its exit from the bloc, amid promises of flourishing trade, increased border controls and cash boosts for the NHS.
But none of this has happened.
There are few now who think Brexit has been kind to the UK, politically, economically or socially. Polls regularly show a clear majority of the public now favours rejoining the EU.
Here's what has happened:
- Brexit has cut the UK economy by up to £140 billion (Cambridge Econrometics)
- The UK could be more than £300 billion worse off by 2035 (Cambridge Econometrics)
- Export barriers have added an estimated £8.4bn in costs (NFU/Parliamentary Select Committee)
- Goods trade has decreased by an estimated 18% (NFU/Parliamentary Select Committee)
-
Food and drink trade with the EU has dipped by 24% (NFU/Parliamentary Select Committee)
- By 2025, Brexit had reduced UK GDP by 6% to 8% (King's College London/NBER)
- UK investment is up to 18% below pre-Brexit levels (King's College London/NBER)
-
Employment and productivity down 3-4% (King's College London/NBER)
- Brexit is on course to cut UK trade intensity by 15% (OBR)
Sir Nick Harvey, CEO of European Movement UK, said:
"There are very few now who will say with a straight face that Brexit has brought any benefits to the UK. Six years on from the UK's official exit from the EU, it's clear that we have all been bruised in a thousand different ways from our decision to detach ourselves from our largest trading partner.
"The economy has struggled, businesses have battled against new red-tape that has seen many strangled out of trading with the EU at all, and the UK's international reputation has been hammered.
"We are most of us poorer because of its severe economic damage, our young people have been hamstrung by the removal of their ability to live and study in Europe, and our political landscape has been fractured by a decision that continues to divide, rather than unite. The promised sovereignty feels hollow when weighed against the tangible loss of influence, opportunity and shared purpose. What was sold as liberation has, in reality, become a lesson in the profound costs of isolation.
"It is encouraging that the government now appears to be taking seriously its promise of resetting the relationship between the UK and the EU. However it is yet to translate into the economic benefits that are available on our international doorstep. It must now look at erasing some of its own red lines, starting with the profound benefits that access to the EU's Single Market would bring."
SHARE THIS: