Words: Tom Ward
It’s fair to say that Brexit has not been what the Tory government – and indeed, the 52 percent of Brits who voted for it – had hoped. Brexit has added almost £7 billion to the country’s grocery bill since 2019 (https://edition.cnn.com/2023/08/29/economy/uk-food-imports-safety-brexit/index.html) with the government now forgoing health and safety check on food imported from Europe for the fifth time in three years amid fears that extra checks will push up food prices even further.
Brexit has made access to the European market more complex and costly for UK-based banks, with hubs such as Frankfurt, Paris and Amsterdam swooping in to take business elsewhere. Notably, chipmaker ARM announced plans to list in New York instead of London earlier this year. Meanwhile, according to an April 2023 report from the International Monetary Fund (https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023) (IMF), GDP should remain more or less stagnant in the UK and the EU until 2028. “Brexit has made no positive policy impact, and the banking industry remains fragile on both sides of the English Channel,” reads a 2023 report from GIS (https://www.gisreportsonline.com/r/brexit/).
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