Ten years on, Brexit still divides Britain and casts a pall over its economy


LONDON (AP) — Ten years ago, the United Kingdom voted to leave the European Union in a referendum that forges political identities to this day and that shattered a half-century project to get closer to the continent.

Brexit, short for British exit, became a reality on June 23, 2016, when 52% — or more than 17 million people — voted to leave the EU. Though the margin was narrow, the vote led to the most dramatic shake-up of the U.K. economy and society since World War II.

But like any divorce, the paperwork and process of completing the breakup was not swift: It took nearly five years.

Brexit was born out of a growing sense of frustration not only with the EU but over the global financial crisis of 2008. Supporters were able to tap into that frustration, and argued that the U.K. on its own, would be revitalized and able to focus just on domestic priorities.

Opponents warned that Brexit would lead to an economic disruption and that it risked the country’s standing in the world.

A decade on, here is where Brexit stands.

Brexit ushered in a harsh economic reality

Backers of Brexit — commonly known as Brexiters — held out a vision that the British economy could thrive outside the EU by harnessing the buccaneering spirit that had once made it the world’s biggest.

Though the COVID-19 pandemic and the wars in Ukraine and more recently, the U.S.-Israeli war on Iran have not helped, it’s clear that the British economy has not been revitalized.

Merchants have complained about the hurdles that they now have to clear when trading with their European neighbors — the 27-nation EU remains by far the U.K.’s biggest trading partner.

And though there are no tariffs imposed on British goods entering the EU, there is a raft of non-tariff barriers, such as cumbersome customs paperwork, border certifications, and visa restrictions. Many of the trade deals that the Brexiters touted, most notably one with the United States, have not materialized.

Experts say the British economy is between 4% and 8% smaller than it would have been had the country voted to remain in the EU. That would translate to much higher living standards and billions more pumped into public services, including the cherished National Health Service, which was promised an extra 350 million pounds ($468 million) a week by Brexit campaigners. That pledge was emblazoned on their big red campaigning bus.

“Brexit has made the U.K. economy smaller than it otherwise would have been,” said Jonathan Portes, professor at King’s College London.

“The effect has not been a sudden collapse, but a gradual and cumulative drag on trade, investment and productivity,” he wrote in an article for The UK in a Changing Europe think tank.



Source link

  • Related Posts

    Starmer Expected to Set Out Resignation Timetable Within Days

    (Bloomberg) — Allies of Keir Starmer expect him to set out a timetable for his departure as UK prime minister in the coming days, putting Britain on course for its…

    AI takes center stage at this year’s U.S. Open, helping fans follow the action and golfers navigate the rules

    SHINNECOCK HILLS, N.Y. — Tens of thousands of golf fans have come to eastern Long Island this weekend to watch the world’s best golfers battle stiff Atlantic winds and winding…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Best Dolby Atmos Soundbar of 2026: Top Picks From Sonos and More

    Best Dolby Atmos Soundbar of 2026: Top Picks From Sonos and More

    The Conservative Party recently released an AI-generated ad. How do voters feel about this kind of content?

    The Conservative Party recently released an AI-generated ad. How do voters feel about this kind of content?

    Frances Tiafoe beats Taylor Fritz to win all-American Halle final

    Frances Tiafoe beats Taylor Fritz to win all-American Halle final

    Starmer Expected to Set Out Resignation Timetable Within Days

    Assassin’s Creed Black Flag Resynced – Everything To Know

    Assassin’s Creed Black Flag Resynced – Everything To Know

    Chase Sapphire Preferred statement credits guide

    Chase Sapphire Preferred statement credits guide