There is ample evidence that Brexit has damaged the UK’s economy.Putting up trade barriers, higher import prices and uncertainty have made the UK poorer.
Has it? Let’s remind everyone what we were told in the months running up to the 2016 Referendum would happen by the then Chancellor of the Exchequer just following a vote to leave:
Leaving the European Union would tip the UK into a year-long recession, with up to 820,000 jobs lost within two years, Chancellor George Osborne says.
In the best scenario where we agree a bi-lateral trade deal: sterling would fall by 12%, unemployment would rise by 520,000, average wages would fall by 2.8% and house prices would be hit by 10%.
In a worst case scenario: after two years GDP would be 6% lower, up to 820,000 jobs could go, take-home pay would fall by 4%, house prices would fall by 18% and the pound would be 15% lower.
A recession never happened. We ended up with record employment, record growth, unemployment so low we effectively had full employment, house prices continued to grow, inflation stayed below the Bank of England’s target.
Has it? Let’s remind everyone what we were told in the months running up to the 2016 Referendum would happen by the then Chancellor of the Exchequer just following a vote to leave:
https://www.bbc.co.uk/news/uk-politics-eu-referendum-36355564
Leaving the European Union would tip the UK into a year-long recession, with up to 820,000 jobs lost within two years, Chancellor George Osborne says.
In the best scenario where we agree a bi-lateral trade deal: sterling would fall by 12%, unemployment would rise by 520,000, average wages would fall by 2.8% and house prices would be hit by 10%.
In a worst case scenario: after two years GDP would be 6% lower, up to 820,000 jobs could go, take-home pay would fall by 4%, house prices would fall by 18% and the pound would be 15% lower.
A recession never happened. We ended up with record employment, record growth, unemployment so low we effectively had full employment, house prices continued to grow, inflation stayed below the Bank of England’s target.