Brexit has cracked Britain’s economic foundations

[webfact]

 

Analysis by Hanna Ziady, CNN

 

London CNN — It’s been two years since former Prime Minister Boris Johnson signed his Brexit trade deal and triumphantly declared that Britain would be “prosperous, dynamic and contented” after completing its exit from the European Union.

 

The Brexit deal would enable UK companies to “do even more business” with the European Union, according to Johnson, and would leave Britain free to strike trade deals around the world while continuing to export seamlessly to the EU market of 450 million consumers.

 

In reality, Brexit has hobbled the UK economy, which remains the only member of the G7 — the group of advanced economies that also includes Canada, France, Germany, Italy, Japan and the United States — with an economy smaller than it was before the pandemic.

 

Full story: https://edition.cnn.com/2022/12/24/economy/brexit-uk-economy/index.html

 

-- © Copyright CNN 2022-12-26

[Bluespunk]

12 minutes ago, webfact said:

In reality, Brexit has hobbled the UK economy, which remains the only member of the G7 — the group of advanced economies that also includes Canada, France, Germany, Italy, Japan and the United States — with an economy smaller than it was before the pandemic.

Uh oh…the brexiteers are not going to react well to those facts. 
 

From the OP

 

“The UK chose Brexit in a referendum, but the government then chose a particularly hard form of Brexit, which maximized the economic cost,” said Michael Saunders, a senior adviser at Oxford Economics and former Bank of England official. “Any hope for economic upside from Brexit is pretty much gone.”

 

So no sunny uplands then. 

[candide]

1 hour ago, Bluespunk said:

Uh oh…the brexiteers are not going to react well to those facts. 
 

From the OP

 

“The UK chose Brexit in a referendum, but the government then chose a particularly hard form of Brexit, which maximized the economic cost,” said Michael Saunders, a senior adviser at Oxford Economics and former Bank of England official. “Any hope for economic upside from Brexit is pretty much gone.”

 

So no sunny uplands then. 

It was obvious to anyone with a brain. However, Brexit is an act of faith and no rational argument may matter.

[ozimoron]

Who knew?

 

Somebody will be along in a minute to complain about CNN.

[pacovl46]

Surprise, surprise!!!

[Chomper Higgot]

Can somebody, preferably a Brexit supporter, point out the part where anyone voted to leave the Single Market and the Customs Union?

 

 

 

[JayClay]

Now that the media are unable to ignore what's happening, 2023 will be the year that the Brexit lies really start to unravel.

 

I wonder what shape this will take but one thing is for certain, it's not going to be pretty. ???? 

[Muhendis]

31 minutes ago, Chomper Higgot said:

Can somebody, preferably a Brexit supporter, point out the part where anyone voted to leave the Single Market and the Customs Union?

 

 

 

I don't qualify as a "brexit supporter" but I will point out the part where Boris failed to tell the truth and many idiots actually beleived him.

[itsari]

Removing your self from a organization that you had 60 percent of your exports is a recipe for disaster economically .

Also there is a risk for human rights in the UK from brexit 

[vinny41]

48 minutes ago, Chomper Higgot said:

Can somebody, preferably a Brexit supporter, point out the part where anyone voted to leave the Single Market and the Customs Union?

 

 

 

Don't you remember the voting slip where everyone voted to Join the single market and the Customs Union

[Chomper Higgot]

6 minutes ago, vinny41 said:

Don't you remember the voting slip where everyone voted to Join the single market and the Customs Union

That was a vote to join the EU ( sign up to the treaty of Rome). 
 

But regardless, the Single Market and the customs Union were not on the Brexit ballot.

 

It’s leaving the Single Market and Customs Union that is inflicting the economic damage on the UK - nobody voted for it.

[JayClay]

17 minutes ago, Muhendis said:

I don't qualify as a "brexit supporter" but I will point out the part where Boris failed to tell the truth and many idiots actually beleived him.

I don't think it's fair or productive to call people who voted to leave as "idiots". There were huge amounts of money involved in the propaganda campaign.

 

People were tricked. And if the UK is going to eventually align itself back with the EU it's important for people to understand that they were tricked in the first place. It's never an easy thing for one to admit that they were wrong, especially when considering the gravity of the consequences of the leave decision. The last thing they need to be reading is that people regard them as "idiots".

 

I have nothing but respect for people who can say "I made a mistake, we made a mistake, and it needs to be rectified".

 

Obviously there will always be the most ardent "Brexit at any cost" people. But they aren't, and never were, significant in numbers. Unfortunately the voting system we have means that this tiny minority have managed to take over the conservative party and therefore have control of the country. That won't be for much longer, thankfully.

[FritsSikkink]

A blue passport isn't free.

[vinny41]

11 minutes ago, Chomper Higgot said:

That was a vote to join the EU ( sign up to the treaty of Rome). 
 

But regardless, the Single Market and the customs Union were not on the Brexit ballot.

 

It’s leaving the Single Market and Customs Union that is inflicting the economic damage on the UK - nobody voted for it.

There was never a vote to join the EU as in 1975 the vote was do you want to stay

 Do you think that the United Kingdom should stay in the European Community (the Common Market)?

and it was a yes/no choice

As for leaving the single market and Customs Union Cameron, Osbourne and many others informed everyone that a leave vote would mean leaving the single market and custom union so everyone did know what a leave vote meant

 

[poppysdad]

Do you not think that laws for the British should be made by the British in the UK and same for all the other countries made by their own citizens. When I was much younger we voted to join a trading organisation not to be ruled by other countries with many ridiculous rules made by persons who in many cases have no idea what a days work consists of. Why should huge amounts ofBritish taxpayers money be given to the citizens of other countries who flock to our shores because the benefits are greater here than in their own countries. If all of the anti brexiteers in political and civil servant circles actually got behind it rather than trying to hinder it progress would be accelerated. And I don’t know of one person who was taken in by some of the nonsense spoken by both sides, we want politicians to be answerable to the public and under the gestapo in Brussels that is not allowed. 

[JonnyF]

Oh look, another UK/Brexit bashing thread. ????

 

Interestingly, the UK economy grew in October. Meanwhile, the Eurozone is heading into recession.

 

https://www.euronews.com/my-europe/2022/11/11/europes-record-inflation-will-peak-at-year-end-but-remain-high-in-2023-says-brussels#:~:text=The eurozone and most EU,European Commission's autumn economic forecast.

 

But let's ignore that and bash the UK. 

 

I remain delighted we left. The first couple of years were always going to be tough as we had to get all the trade deals rolled over, plus Covid struck at around the same time (leaving the EU helped greatly with the vaccine rollout let's not forget). Now that's out of the way, watch as the UK goes from strength to strength, as October showed. Not that it was about % points of GDP anyway, it was about getting out of the corrupt, failing federalist project, the European Union.

 

https://www.euronews.com/video/2022/12/25/european-parliaments-former-vice-president-eva-kaili-spends-christmas-in-jail

 

 

[Chomper Higgot]

10 minutes ago, JonnyF said:

Oh look, another UK/Brexit bashing thread. ????

 

Interestingly, the UK economy grew in October. Meanwhile, the Eurozone is heading into recession.

 

https://www.euronews.com/my-europe/2022/11/11/europes-record-inflation-will-peak-at-year-end-but-remain-high-in-2023-says-brussels#:~:text=The eurozone and most EU,European Commission's autumn economic forecast.

 

But let's ignore that and bash the UK. 

 

I remain delighted we left. The first couple of years were always going to be tough as we had to get all the trade deals rolled over, plus Covid struck at around the same time (leaving the EU helped greatly with the vaccine rollout let's not forget). Now that's out of the way, watch as the UK goes from strength to strength, as October showed. Not that it was about % points of GDP anyway, it was about getting out of the corrupt, failing federalist project, the European Union.

 

https://www.euronews.com/video/2022/12/25/european-parliaments-former-vice-president-eva-kaili-spends-christmas-in-jail

 

 

The UK remains the only G7 nation with an economy lower than it was pre-COVID.

 

While early economic data are setting a trend of being revised down as final data is accounted.

 

https://uk.finance.yahoo.com/news/uk-economy-contracted-more-first-072853030.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvLnRoLw&guce_referrer_sig=AQAAAEaYW_hyO_5LQ1gJFm2vqp4zrpquyFkz1z-iVjXvrrqWse5iGhus4x9PnfG0J3bWJloEaCN9gjx8UP8V9gkCx6D9tY5g8pn05SakJwpfxjDrhUiChRkwMPmeIy17ClxyCOqUdJhitCXIQwQjqt7iZyK5_tBVsVRLhq-lYdD9QOam

 

 

As for complaining about bashing the UK, from someone who supported the self harm of Brexit, let’s park that shall we.

 

 

[MRToMRT]

58 minutes ago, JayClay said:

I have nothing but respect for people who can say "I made a mistake, we made a mistake, and it needs to be rectified".

I live in the Uk 6 months of the year and I can tell you that the number of people now fitting into this category is huge (well to be honest they have not reached the rectified stage yet just the realisation they were duped in a game of political darts).

 

In the last year I don't think I have personally met anyone (pub, family, friends, chatting) who does not think they were conned as Brexit voters. I am from the north as well. 

[MRToMRT]

41 minutes ago, poppysdad said:

made by persons who in many cases have no idea what a days work consists of.

Like the Tories, Labour and Lib Dems politicians you mean? 

 

[mfd101]

Not sure what 'rectification' might consist of. The Europeans won't have a bar of Britain for at least a couple of decades, possibly much more.

 

Very educational I should imagine for the average Brit punter.

[Muhendis]

1 hour ago, JayClay said:

I don't think it's fair or productive to call people who voted to leave as "idiots". There were huge amounts of money involved in the propaganda campaign.

 

People were tricked. And if the UK is going to eventually align itself back with the EU it's important for people to understand that they were tricked in the first place. It's never an easy thing for one to admit that they were wrong, especially when considering the gravity of the consequences of the leave decision. The last thing they need to be reading is that people regard them as "idiots".

 

I have nothing but respect for people who can say "I made a mistake, we made a mistake, and it needs to be rectified".

 

Obviously there will always be the most ardent "Brexit at any cost" people. But they aren't, and never were, significant in numbers. Unfortunately the voting system we have means that this tiny minority have managed to take over the conservative party and therefore have control of the country. That won't be for much longer, thankfully.

Definition of idiot which I used is;

a stupid person.

"I feel like an idiot who swallowed every lie I was told"

From the English Oxford dictionary

Productive or not this seems to fit quite well and is based on how a person feels when the truth comes out.

[Andrew65]

Brexit and COVID19 happened at almost exactly the same time. COVID19 meant that 30 million people were effectively put on the dole for a year or more, total cost of lockdown/furlough was £400 billion, but this all gets blamed on Brexit.

[NeoDinosaw]

17 hours ago, Muhendis said:

I don't qualify as a "brexit supporter" but I will point out the part where Boris failed to tell the truth and many idiots actually beleived him.

I was one of those idiots ....... ????

 

[MRToMRT]

4 minutes ago, Andrew65 said:

Brexit and COVID19 happened at almost exactly the same time. COVID19 meant that 30 million people were effectively put on the dole for a year or more, total cost of lockdown/furlough was £400 billion, but this all gets blamed on Brexit.

All the developed nations have gone through the exact same issues of covid. 

[JayClay]

7 minutes ago, Andrew65 said:

Brexit and COVID19 happened at almost exactly the same time. COVID19 meant that 30 million people were effectively put on the dole for a year or more, total cost of lockdown/furlough was £400 billion, but this all gets blamed on Brexit.

Nope.

 

The failure to recover gets blamed on Brexit.

 

[MRToMRT]

1 minute ago, NeoDinosaw said:

I was one of those idiots

I was not but 90% of my family were. We were all lied to by a group of self serving politicians (again) and the biggest liar of them all, Johnson.

[TKDfella]

I was never in favour of joining the EU n the first place and I think the UK could have played a better role being outside. Still, I think I was in a minority at the time. Once in I thought the UK should make a real effort to be part of it but then things started to happen. I saw on the news that there were certain (what were almost) 'institutions' that the UK was going to have stop; Early morning milk delivery (to your door) was one of them and apparently many people were not in favour. But I never really followed that up with any research nor with the other food products that the EU demanded Britain discontinue (cert brands of apples etc.). And I also failed to update myself on the deeper issues that were reported because they seemed to be more political. By then I was thinking of leaving for Thailand and I began to lose any remaining interest. Now it's a complete mess and IMHO it has caused major divisions within the nation. So maybe, I say maybe, I was right to think we shouldn't have joined in the first place.

[Andrew65]

Just now, MRToMRT said:

All the developed nations have gone through the exact same issues of covid. 

And all the developed nations are now suffering from a cost of living crisis. Germany has inflation at 10%, is this to do with Brexit, or more to do with the war in Ukraine?

[JayClay]

34 minutes ago, mfd101 said:

Not sure what 'rectification' might consist of. The Europeans won't have a bar of Britain for at least a couple of decades, possibly much more.

Trading blocks and most democratic institutions are not vindictive. They don't have emotions and they don't "vote with their heart". If it is mutually beneficial to the EU to work out a better relationship with the UK when they decide to realign (and it still is and still will be for a few decades yet) then a better relationship will be had.

[MRToMRT]

1 minute ago, Andrew65 said:

And all the developed nations are now suffering from a cost of living crisis. Germany has inflation at 10%, is this to do with Brexit, or more to do with the war in Ukraine?

The issue of the OP is why are we now worse off than all the rest.