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Originally Posted by Sephiroth
What 'massive damage to the country' has been caused by Brexit as distinct from the well-known government shitshow?
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This November 2023 paper by the Centre for Inclusive Trade Policy looks at the impact of Brexit on UK import prices and finds the “referendum outcome raised UK import prices by 11 per cent..."
And last week the National Institute of Economic and Social Research published an
updated estimate of the Brexit hit, which it said “Our estimates indicate that the negative impact of Brexit gradually escalates, reaching some
5-6 per cent of GDP or about
£2,300 per capita by 2035. The reduction in real incomes resulting from the fall in the UK terms of trade associated with
changes in trading relations with the European Union and the
fall in productivity are the largest contributors to the estimated reduction in real GDP, with each accounting for over 2.5 percentage points."
And Tesla and BYD ruled out investing in new car plants in the UK due to Brexit.
We've been fortunate that existing manufacturers have reinvested but the possibility of future divergence is acting as an investment constraint.