Over 1,000 staff were redeployed to deal with the fall-out from leaving the EU. Now, the financial consequences are coming to light.
Around 2,300 tax compliance staff – nearly a tenth of that workforce – were redeployed in 2021-22.
Civil servants ‘being moved from one crisis to another’.
The evidence increasingly shows that our decision to leave the European Union has lifted the price of imported goods, flattened business investment and damaged trade.
Irish Examiner view: The harm done by Brexit keeps stacking up but nobody is talking about it
29/12/2022
The data suggests Britain has been severely financially hurt by Brexit but nobody in authority there seems to want to discuss it.
Wonder what happened to 'let's fund our NHS instead?' / New research has found Brexit has cost the UK government £40 billion a year in lost tax revenue.
Britain’s economy is forecast to shrink by 0.4% in 2023, more than any other in the Group of Seven richest nations, according to the Organization for Economic Cooperation and Development (OECD). Britain is the only G-7 member whose economy has yet to return to pre-pandemic levels.
Economist says without Brexit we ‘wouldn’t be talking about an austerity budget this week’
14/11/2022
"The need for tax rises and spending cuts wouldn't be there if Brexit hadn't reduced the economy's potential output so much."
Try and find an instance of the market reacting to tax cuts anywhere else on Earth the way it reacted to the UK’s mere mention of such a simple policy. The market usually loves tax cuts. Not this time. Why?
In this film, senior FT writers and British businesspeople examine how Brexit hit the UK economy, the political conspiracy of silence, and why there has not yet been a convincing case for a 'Brexit dividend'.
Less than two weeks after her government plunged the markets into crisis with a disastrous budget, Prime Minister Liz Truss used her closing speech at the Conservative Party conference to blame the meltdown on a nebulous anti-growth coalition.
Levy could raise €140bn, and energy ministers also set targets to cut electricity use.
A weaker than expected recovery from the coronavirus pandemic has left the UK as the only G7 country with a smaller economy than in early 2020, according to official figures likely to further undermine the government’s tax-cutting measures.
Bank of England criticism is unfair – Brexit has made it near impossible to avoid this financial crisis
29/09/2022
There is only one real way to properly calm the markets – the Prime Minister and the Chancellor need to reverse the unfunded tax cuts they announced.
What is Kwasi Kwarteng really up to? One answer: this is a reckless gamble to shrink the state
27/09/2022
In the US they call it ‘starving the beast’ – cut taxes and, as revenue decreases, you create irresistible pressure for austerity.
People will travel to Europe to go shopping because Britain no longer offers tax-free purchases to international tourists, the boss of clothing chain Superdry has warned.
Liz Truss and Rishi Sunak feel bound to talk lower spending to party members, but the former chancellor at least must see the folly of losing billions off our GDP.
Sectors from fishing to aviation, farming to science report being bogged down in red tape, struggling to recruit staff and racking up losses for the first time.
Real pay set to be £470 lower per worker each year, say top economists. / “We can’t blame Brexit for all of the 5.2 per cent GDP shortfall … but it’s apparent that Brexit is largely to blame,” said John Springford, author of the CEF study.
Figures on the cost of Brexit reported by ITV last week could have given a misleading impression of the cost of leaving the EU.
A study by the Centre for European Reform reveals the “troubling” cost of Brexit and says the losses are now too big to ignore.
Brexit has cost the UK economy billions of pounds in lost trade and tax revenues, according to research shared with ITV News by the Centre for European Reform. / It estimates the economy is 5% smaller than it would have been if the UK had stayed in the EU.
The UK is lagging behind European counterparts in terms of growth because of Brexit, the Director of Tax Research UK tells Nick Ferrari.
Brexit red tape onslaught deepens as UK economy loses £47bn because businesses drown in cross-border tax complexities
18/05/2022
Cross-border tax complexities cost the UK economy £47.6bn in lost revenue last year, an average revenue loss of 16 per cent on total EU exports, according to fresh industry data shared with City A.M. this morning.