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.
Brexit is an example of what happens when Conservatives are allowed out of the basement and allowed to dictate national policy.
haven’t “conservatives” (i use “” because they never conserve anything) ruled britisn for like…the last 50 or so years?
Well, there was a period in the 90s through to the early 2000s where we had a centre-left party (New Labour) running the show and mostly improving things, but then 9/11 and the Iraq war happened and the country went scurrying back to the Conservatives again.
The conspiracy nut that lives in my brain is convinced Putin’s taking control of Russia in 2000 has everything to do with every single bit of the above after “but then”.
We currently have New Labour (now just “Labour”) in charge again, but politically they smell an awful lot like the pre-Thatcherite Conservatives.
iirc putin was helped into power by the US, for promising to hunt down any remaining communists (similar story to literally every regime change the US has backed the last…50-70+ years?).
And isn’t that why the UK is the shittiest Western European country compared to its neighbors?
Brexit AND the two elections of the orange felon/pedophile have been unmitigated successes for Putin.
Same as the US voting in Trump, the warnings were there before the vote.
IMHO part of the problem was that economics was more a branch of philosophy than a science until the 1970s, but the public never got the memo when this changed.
So we get doofuses who act like their economics claims are purely a matter of opinion, not falsifiable hypotheses. Try arguing for a UBI and watch how many chalkboard economists tell you what they imagine would happen, completely ignoring all experimental results.
And the same reason: Putin
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.
At least now we all know what a clown show the UK is, so they’ve got that going for them, which is nice.
Interesting to read this in the telegraph. If I recall correctly they were pro leave during the campaign leading up to the referendum.
Because they report the news and inform the public … their content just tends to have a four or five year lag compared to reality.
It’s the Torygraph, they deal lightly at best with news and informing the public, which is what makes it very surprising. If they’re reporting it then reality is even worse
They are pro-Tory. The Tories greatest threat right now is being eaten alive by the Reform party. Doesn’t matter if the Telegraph have to take a hit, blaming Farage not the Tories for the economy is worth it.
Yeah, that’s the significant thing for me here. Not what’s being said, but which paper is saying it.
I could have told the UK that before they left the EU. But they listened to billionaires Rees-Mogg, Truss and the like and voted for something that enriched the aristocrats and oligarchs and shafted the average person. The UK fell for the oldest trick in the book “brown people are taking your jobs” when it was really a get rich quick scheme for oligarchs, aristocrats and the 1%. You made your bed UK - now lie in it 🤷🤷♀️🤷♂️
surprised Pikachu face
Everybody saw this coming
It’s only now time?
Still time
is “pc” “%”? Seems like a less clear and understandable way of saying it, why do this?
leopardsatemyface
Entry is the better way. <3
Who could have seen this coming? It was totally unpredictable?
I mean, it’s been pretty clear for a while now. Side question, why use “pc” instead of “%”? A bit confusing.
Pah! I think you’ll find we’re tired of listening to experts.
/s
That was one of the reasons why Putin got behind it, and made it a “success”.
