Brexit is “largely to blame” for the loss of billions in trade and tax revenue in recent years, according to a new study by leading economists.
The Center for European Reform (CEF) said that by the end of last year, the British economy was 5.2% – or £ 31 billion – smaller than it would have been without Brexit and the Covid pandemic.
“We cannot blame Brexit for the entire 5.2% of GDP deficit, but it is clear that Brexit is largely to blame,” said John Springford, author of the CEF study.
The CER models the representation of a ‘double’ in the UK – if the nation has remained within the EU’s single market – using data from other developed economies, such as the UK.
Mr Springford said “breaking” the economic effects of Brexit and Covid in recent years was “difficult” – but said it was clear that the greater negative impact came from Brexit.
The economist claims that a huge gap between the current UK and its “dual” economy opened up before the pandemic struck in the spring of 2020.
Mr Springford said the slow economic performance since the end of the blockade in 2021 also showed that the “significant” shortage was “mostly Brexit, not Covid”.
“The United Kingdom lifted Covid’s restrictions earlier than many of its counterparts, thanks in part to the start of its vaccination campaign in early 2021,” he said. “This should have made Covid’s recovery faster than other countries, not slower.
The CER study says it is “difficult to avoid the conclusion that Brexit has seriously reduced GDP, investment and trade in goods.”
The report added: “British politicians may find it difficult to ignore the central role of Brexit in the UK’s economic problems for much longer.
This comes as British companies point to the post-Brexit bureaucracy that continues to create costly barriers to trade with the EU.
A seafood company in Northumberland spoke of the “ridiculous” documentation, which almost destroyed a £ 50,000 delivery, as a form signed 43 times did not include a printed name.
The Coquet Island Shellfish Company told the BBC that the problem cost the company up to £ 15,000 to resolve after several delays. “There were no noticeable benefits from Brexit. It all takes more time and costs more, “said sales director Jane Pedersen.
An influential committee of lawmakers recently warned that it was uncertain whether post-Brexit free trade agreements negotiated by Boris Johnson’s government would provide any “real economic benefits”.
№ 10 confirmed on Friday that controversial new Brexit legislation – designed to take unilateral action to halt inspections agreed with the EU as part of a withdrawal deal – will be published in the municipality on Monday.
Conservative leader Ken Clark said a “vast majority” of colleagues would support attempts to block the bill and “hold it for a long time”.
Meanwhile, Tory peer David Frost, a former Brexit negotiator, said he “thought” of being an MP. “We will see if there will be an opportunity and we may or may not, we will see,” he told LBC. “I’m thinking about it.”
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