Three years later, Brexit costs the British economy £100 billion annually

Three years later, Brexit costs the British economy £100 billion annually
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Hey Britain’s exit from the European Union It costs economy United kingdom About £100 billion a year (equivalent to more than R$600 billion), with impacts ranging from business investment to companies’ ability to employ workers. The analysis, which paints a bleak picture of the damage caused, was published by Bloomberg Economics on Monday 30, three years after the UK’s exit from the European Union took effect.

According to Ana Andrade and Dan Hanson, economists who participated in the analysis, the economy is 4% smaller than it could have been, with business investment falling dramatically and the labor deficit increasing.

The weak performance is partly explained by business investment, as companies have put spending decisions on hold due to uncertainty about what life outside the EU will mean. In terms of the workforce, the analysis estimates that there are around 370,000 fewer EU workers working in the UK than there would have been had the country remained in the bloc.

Bloomberg’s analysis shows that the UK’s economic performance began to drift away from the rest of the G7, the world’s seven most industrialized nations, after the 2016 vote to leave the European Union. At around 9% of GDP, business investment is below the G7 average of 13%.

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In the middle of last year, a study of EU citizens living in the UK revealed that six years after the Brexit vote, there was still an “open wound” caused by the country’s exit from the bloc. Participants said they felt betrayed and distrustful of the UK.

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Research conducted by the University of Birmingham in partnership with Lancaster University interviewed citizens from 22 EU countries who had lived in the UK for more than five years and remained there after Brexit. The findings showed a “profound and lasting impact on the lives of EU citizens in the UK and their sense of identity and belonging”.

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About the Author: Camelia Kirk

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