- Britain's economic woes fuel discontent with Brexit a decade after the historic vote to leave the EU.
- Economic growth is anemic, taxes are high, public services are creaking and successive governments have been unable to stem the flow of migrants who wash up on the English Channel coast in inflatable boats.
- About half say Brexit is worse than expected.
- Tony Rutherford describes Brexit as an “absolute nightmare, shambles, and still is to this day,” stating that it has been a disaster from day one.
- Under Johnson’s deal, the UK fishing fleet achieved barely any increase in fishing opportunities, with Rutherford stating they were “sold down the river.”
- Rutherford faced significant additional costs due to Brexit, including £2,000 a month for a French accountant and £330 extra per shipment.
- Since Brexit, Rutherford has lost about eight loads of fish, with losses ranging from £15,000 to £50,000.
- David Milne, chair of the Scottish White Fish Producers Association, expressed regret over Brexit, stating “we was promised that, but that hasn’t happened.”
- Philip Hollobone, former Conservative MP for Kettering, stated that the “tragedy is that over the last 10 years, the potential for Brexit has not been realised.”
- Hollobone criticized the handling of negotiations, saying “the negotiations were handled really badly and the Brexit deal when it was achieved was suboptimal.”
A decade ago, backers promised that Brexit would be the key to a bright new future for Britain, but the reality has been starkly different.
The U.K. economy has largely failed to experience a post-Brexit boost after upending ties with its largest trading partner.
Stanford professor Nicholas Bloom estimates that by 2025, Brexit had reduced the U.K.’s GDP by 6-8%, with investment down by 12-13% and productivity by 3-4%.
Public services are creaking under pressure, and taxes remain high, leading to widespread discontent.
“We feel betrayed,” said Oli Khan, president of the Bangladesh Caterers Association UK, reflecting the sentiments of many who feel let down by the promises made during the campaign.
About half say Brexit is worse than expected, with many business leaders expressing frustration over the lack of economic growth.3
“Absolute nightmare, shambles, and still is to this day,” says Tony Rutherford, who voted leave to save the British fishing industry but now calls Brexit a disaster.4
The value of sterling has not regained its pre-referendum highs, and the U.K. stock market still bears the scars of a decision that has weighed on both business and investor confidence.
As the U.K. grapples with these challenges, the potential for Brexit remains unrealized, leaving many to question the future of the nation’s economy.
“A decade after the Brexit vote, Britain's economy faces significant challenges, with many expressing discontent over the outcomes. Business leaders and citizens alike voice their frustrations as economic growth remains stagnant.”
AP News
The Guardian