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.
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 🤷🤷♀️🤷♂️
Russian propaganda troll farms amplified British and American racism and xenophobia, leading both countries populations to make utterly disastrous decisions, voting for Brexit and Trump respectively. Putin’s small investment in targeted propaganda is resulting in massive economic and rotational damage to both countries.
Russian propaganda troll farms amplified British and American racism and xenophobia
American techbros platforms gladly accept domestic and foreign money to push false narratives. Democracy crumbling favors them. Blame them too.
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.
It turns out economics is still more hand wavy than substantive science. Economists like to pretend otherwise, but don’t let them fool you. After all, what kind of scientific field would conflate “the economy” with “rich people’s yachts” and just … keep on doing that … even when exposed?
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.
And yet, Reform UK is looking pretty good in the polls. Make that make sense,
Lot of stuoid, ugly at heart people out there. I still remember seeing one young guy being interviewed aeound the time of Brexit saying the only reason for Brekoxt is racism.
The rise of reform should remind people of that,.in a world that needs to be closer, this is the exact.opposite of that
This makes sense in the same way Trump.and MAGA makes.sense, same sort of people.
As an Australian, I wish we were asked to join the EU but i fear we’d posion the great EU experiment with our toxcisity.
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?
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.
