What to know about the legacy of Brexit, which still divides Britain 10 years on
Summary
Ten years ago, the United Kingdom voted to leave the European Union in a 2016 referendum, a decision known as Brexit. This marked a major change in the U.K.’s relationship with Europe and has had lasting effects on its economy and politics, with trade and economic growth facing challenges since the split.Key Facts
- The U.K. voted to leave the EU on June 23, 2016, with 52% of voters supporting Brexit.
- The process of leaving the EU took almost five years to complete.
- Brexit was driven by frustration with the EU and economic issues after the 2008 financial crisis.
- Supporters believed Brexit would boost the U.K.’s economy and focus on domestic priorities.
- Opponents warned Brexit could disrupt the economy and weaken the U.K.’s global position.
- Since Brexit, the U.K. economy is estimated to be 4% to 8% smaller than it would have been if it remained in the EU.
- British companies now face extra customs rules, paperwork, and travel restrictions when trading with the EU.
- Several promised new trade deals, especially with the United States, have yet to be finalized.
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