Ten years on, Brexit's economic impact is becoming clearer
Summary
Ten years after Brexit, the UK’s trade with the EU has dropped sharply, affecting companies like Eskimo, which faced new costs and delays exporting goods. Studies show the variety of UK exports and imports with the EU has fallen significantly, and many economists agree Brexit has caused long-term economic damage, though global events have also influenced trade.Key Facts
- Eskimo, a UK company, saw its exports to the EU drop from 40% in 2020 to 5% in 2025.
- The Brexit deal removed tariffs on EU exports but increased paperwork and delays.
- UK exports to the EU decreased by about 26-54% in terms of product variety by 2023.
- UK imports from the EU also fell by over 30% in product variety over five years.
- Some countries like Australia and New Zealand still follow EU safety standards, complicating UK exports.
- Economists generally agree Brexit caused long-term economic harm to the UK economy.
- Global events like the COVID-19 pandemic and Ukraine war also affected UK trade during this period.
- Negative economic effects took time to appear and were less immediately severe than early predictions suggested.
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