The damning economic impact of Brexit rumbles on as ONS figures show that the UK economy slipped into recession in the second half of 2023.
Sir Nick Harvey, CEO of European Movement UK, said:
“Today’s figures just go to show that the economic impact inflicted upon our economy by Brexit continues – almost eight years after the vote. At a time when we see the economy slipping into recession, the Government must prioritise easing trade conditions with our European neighbours.
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“Research estimates the average two-worker household will have almost a thousand pounds less in real wages every year by 2030, as a result of the UK leaving the EU. Less money in people’s pockets means less spending, which inevitably leads to economic stagnation, as highlighted by today’s news.
“The economic outlook for the next few months remains uncertain. Just last month, new controls on imports arriving into the UK from the EU were introduced, raising fears about delays and supply chain concerns for British businesses. With more Brexit red tape and checks set to be introduced over the course of the year, the last thing our economy can afford is an even more fraught relationship with our closest trading partners.”