'Significant damage': How Brexit is still draining the UK economy 10 years later
Summary
Ten years after the UK left the European Union, studies show that Brexit has made the UK economy about 6 to 8 percent smaller than it would have been if the country had stayed in the EU. This economic damage has made people in Britain poorer and caused losses in government tax revenue that funds public services.Key Facts
- Brexit took place on June 23, 2016, after a close public vote.
- Experts estimate the UK’s economy is now between 6 and 8 percent smaller than if it had stayed in the EU.
- This economic shrinkage means the average UK citizen is up to 8 percent poorer.
- Government tax revenue has decreased because of the smaller economy.
- Businesses that frequently trade with the EU are performing worse than those that do not.
- Increased paperwork and costs have made trading goods like cars and food more difficult.
- For example, exporting lamb and beef now requires 26 stamped papers instead of one.
- A new UK-EU trade agreement for certain foods is expected in summer 2027 but will come late for many businesses.
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