Leaving the EU has reduced Britain’s GDP by up to 8pc, according to a devastating US study
The latest such assessment comes in the form of a paper from the US-based National Bureau of Economic Research (NBER). This concludes that Brexit has reduced UK GDP by 6pc to 8pc, far more than most previous estimates.
Investment is worse off by between 12pc and 18pc, employment by between 3pc and 4pc, and productivity also by between 3pc and 4pc. There have been few more devastating assessments than this.
I think the worst part of Brexit is not that it reduced UK GDP by a fixed amount, but that the damage is getting worse with time. Brits could probably have lived with a temporary setback followed by faster growth, but it’s becoming pretty evident that the UK has been permanently damaged and growth will lag peer economies’ for the foreseeable future.
And yet, Reform UK is looking pretty good in the polls. Make that make sense, they were the most ardent proponents of Brexit.
Because the majority that voted Brexit and still believe in it were never in it for the economics, at least not the kind backed by evidence, because in their minds the economy will get better for the average working man once all of the “foreigners” are no longer here.
And because of how loud this minority are, they’ve gotten the more gullible of the population that don’t know any better to think that it’s true, because they’ve heard it from John, Barry, Gaz and that guy on TV.
They were hoping to benefit from a stronger relationship to the USA, and being the nexus between the USA and the EU. But the USA is just shitting on all of its supposed friends, and the EU is slowly but surely withdrawing from the Atlantic partnership.
At least now we all know what a clown show the UK is, so they’ve got that going for them, which is nice.