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Economics

Just a Year of Brexit Has Thumped U.K.’s Economy and Businesses

  • Boris Johnson’s trade deal has proved to be a drag on growth
  • A majority of voters now favor re-joining the European Union
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WATCH: A year after the U.K. left the European Union, what’s the economic damage? Lizzy Burden reports.Source: Bloomberg

In the months after Boris Johnson signed his post-Brexit trade deal with the European Union, the coronavirus masked the economic damage of leaving the bloc. As the pandemic drags on, the cost is becoming clearer -- and voters are noticing.

Brexit has been a drag on growth. It brought new red tape on commerce between Britain and its largest and closest market, and removed a large pool of EU labor from the country on which many businesses had come to rely. The combination has exacerbated supply chain shortages, stoked inflation, and hampered trade.