Brexit: despatches from the downside – No 24
01/03/2024
In this week's Brexit downsides, extra food labelling costing up to £250mn, a huge drop in overseas students, veterinary shortages in NI, and more.
Businesses that make sporting goods, children’s toys, jewellery and medical goods have struggled the most with the border costs imposed by the UK’s decision to leave the EU.
Chancellor Jeremy Hunt blamed Brexit for years of political instability, admitting that the turmoil in government undermined Britain economically.
The UK’s approach to trade since it left the European Union lacks substantial objectives beyond signing as many free trade agreements (FTAs) as possible, and has now hit a dead end, according to new research from The Economy 2030 Inquiry.
Brexit regret: Why the ‘undeniable disaster’ finally hit home with the British public in 2022
01/01/2023
Public opinion shifted against Brexit after a deluge of damning evidence on economic costs.
Mark Carney, who ran the central bank until March 2020, said the UK’s decision to leave the EU had devalued the pound which put upward pressure on inflation.
Experts from the Institute for Fiscal Studies, the Resolution Foundation and others agreed Kwasi Kwarteng’s unfunded tax cuts played a role.
Brexit has damaged Britain’s competitiveness, and will make us poorer in the decade ahead
22/06/2022
Brexit has not had the expected effect of narrowly reducing exports to the EU, but has instead more broadly reduced how open and competitive Britain’s economy is, which will reduce productivity and wages in the decade ahead, according to new joint Resolution Foundation and LSE research.
The Brexit divorce bill will cost each taxpayer on average £305 more than previously expected, according to new government figures.
UK should rejoin single market as quitting EU ‘biggest piece of self-inflicted harm,’ says Sadiq Khan
29/06/2022
Britain should push to rejoin the single market because Brexit is the “biggest piece of self-inflicted harm ever done to a country,” says Sadiq Khan.
Polls show average annual gap between those who believe it was ‘wrong’ to vote to Leave compared to ‘right’ has risen to double digits for the first time. / A growing number of Britons say the UK was wrong to Brexit, according to a Standard analysis of more than 200 polls.
The cabinet minister also launched an outspoken attack on a report which said leaving the European Union had damaged the UK economy.
Northern Ireland will be the UK regional economy least impacted by Brexit, partially due to the NI Protocol, new analysis has suggested.
A study by the Resolution Foundation think tank and London School of Economics details some of the outcomes of the decision to quit the EU - six years after the historic vote.
Brexit has reduced the competitiveness of the British economy, with alarming implications for productivity and wages, according to the Resolution Foundation.
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.
EU withdrawal fuelling higher import costs and costing British workers nearly £500 a year, says Resolution Foundation.
The UK’s shift towards a more restrictive migration regime after Brexit will not deliver the “high wage” economy promised by prime minister Boris Johnson, a report shows.
igration has altered the size and shape of the UK labour market in recent decades, but the move to a more restrictive regime since leaving the European Union won’t drive the ‘high wage‘ economy that the prime minister has claimed it will, according to new Resolution Foundation research published today.
UK faces ‘decisive decade’ of change and risks falling further behind other nations, report warns
18/05/2021
The country is not neither prepared for, nor used to, change on the scale required to deal with climate change, Brexit, an ageing population, Covid and technological shifts, says Resolution Foundation.
The UK has experienced a sharp slowdown in income growth while inflation has risen, warns the Resolution Foundation think tank.