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Brexit has dealt a tax blow to the British population

Brexit has dealt a tax blow to the British population

Britain’s exit from the European Union

image type. Photo: Matt Dunham

A new report shows that when Britain left the European Union, it led to a sharp drop in gross domestic product and an increase in taxes.

Compared to the scenario in which Britain remained in the EU, GDP fell by 5.5 percent, investment fell by 11 percent, trade in goods fell by 7 percent, while trade in services almost fell. This is shown in the report The Cost of Brexit to June 2022, written by the Center for European Reform, CER.

The report notes that Brexit has led to massive tax increases, as it is the only way to avoid a slow-growing economy where public liabilities are as extensive as before.

The report’s authors note that had the British economy stayed in the EU, tax revenues would have been around £40 billion higher annually.

If it weren’t for Brexit, we might not have talked about an austerity budget – there was no need to raise taxes and cut spending, Michael Saunders, a former Bank of England official, told Reuters.

Read the report

Reuters’ exit from the European Union resulted in a GDP loss of 5.5 percent

Omni: Report: Brexit took 5 percent out of the UK economy

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