Brexit Left the UK Economy 5.5% Smaller, Researcher Says
- Center for European Reform says trade and investment suffered
- Estimates limit Sunak’s ability to pay striking workers more
CER said departing the EU single market reduced goods trade by 7% in the second quarter of 2022.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
Brexit has left the UK economy 5.5% smaller than it would have been and added to the squeeze on public services that’s behind strikes crippling the railways and National Health Service, a prominent research group concluded.
The Center for European Reform said that slower growth is also weighing on the Treasury’s revenue and that the tax increases announced in the autumn fiscal statement wouldn’t be necessary if the UK were still in the European Union’s common market.