UK economy outlook after decade of Brexit
Ten years after the Brexit referendum, figures show that the UK economy has contracted by between 6% and 8% compared to what it would have been had the country remained in the European Union. The value of the British pound fell from around 1.31 euros to 1.15 euros. Investment costs increased by less than 18%, while employment levels declined by between 3% and 4%. Brexit-related policies have worsened the trade deficit with the EU, which rose from 113 billion pounds to approximately 140 billion pounds, driven by an increase in imports of goods. Conversely, service exports grew, but the overall trade deficit increased to 65 billion pounds. The UK also experienced a significant decrease in immigration from EU countries, alongside a noticeable rise in immigrants from outside the EU, with the number of migrants from abroad surpassing one million in 2023. Meanwhile, the number of Europeans leaving the UK has exceeded those arriving.
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