economy
How Brexit has made Britain poorer
Forecasters were wrong about an immediate recession but right that we would be worse off outside the EU
TL;DR
- The UK economy is significantly smaller than it would have been if it had remained in the EU.
- Trade has suffered, with increased friction for goods exports due to new trade barriers.
- Business investment and productivity growth have stalled, leading to households being thousands of pounds a year worse off.
- The value of the pound has not returned to pre-Brexit levels, impacting purchasing power.
- While immediate recession predictions didn't occur, independent analysis suggests a long-term hit to national income and GDP per head.
- Despite promises, net migration has risen, and employers struggle with staff shortages following the loss of EU workers.
- Public support for closer ties with the EU has increased, with a majority favoring rejoining the bloc.
- The article highlights that Brexit is more a story of stagnation and a slow puncture than immediate recession and rising unemployment.