Brexit costs to UK economy
Brexit was a trade-off – between domestic control over migration, regulation and trade versus business with the UK’s largest trading partner – but economic analysis shows it has undoubtedly made Britain poorer
*Based on analysis from UK Office of Budget Responsibility, The Economist, U.S. National Bureau of Economic ResearchPrime Minister
Sir Keir Starmer
Labour claims to be “cleaning up mess” of Brexit and subsequent deals but has promised not to rejoin EU
Reform Party leader Nigel Farage admits failure of Brexit, but accuses successive Conservative Party governments of mismanagement
GDP
Investment
Productivity
Employment
Exports
Goods
Services
Imports
Prices
+5%0
-10%
-15%
One in seven companies exporting to EU stopped due to TCA free trade agreement – loss of 16,400 exporters
Loss of over £3,000 per person per year
RANGE OF ECONOMIC ESTIMATES*
Fall in sterling increased consumer prices, costing average household £870/year
Production cost increases hinder growth in wages
2%
8%
11%
18%
3-4%
3-4%
10%
15%
4-5%
10%
15%
3%
Sources: UK OBR, LSE, BBC, The Economist
Picture: Getty Images
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