Leaving the EU has reduced Britain’s GDP by up to 8pc, according to a devastating US study

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.

  • Devolution@lemmy.worldEnglish
    762·
    2 months ago

    Brexit is an example of what happens when Conservatives are allowed out of the basement and allowed to dictate national policy.

    • IronBird@lemmy.worldEnglish
      11·
      2 months ago

      haven’t “conservatives” (i use “” because they never conserve anything) ruled britisn for like…the last 50 or so years?

      • Devolution@lemmy.worldEnglish
        2·
        2 months ago

        And isn’t that why the UK is the shittiest Western European country compared to its neighbors?

  • Augustiner@lemmy.worldEnglish
    491·
    2 months ago

    Interesting to read this in the telegraph. If I recall correctly they were pro leave during the campaign leading up to the referendum.

    • The Octonaut@mander.xyzEnglish
      6·
      2 months ago

      They are pro-Tory. The Tories greatest threat right now is being eaten alive by the Reform party. Doesn’t matter if the Telegraph have to take a hit, blaming Farage not the Tories for the economy is worth it.

    • IninewCrow@lemmy.caEnglish
      104·
      2 months ago

      Because they report the news and inform the public … their content just tends to have a four or five year lag compared to reality.

      • LuckingFurker (Any/All)@lemmy.blahaj.zoneEnglish
        25·
        2 months ago

        It’s the Torygraph, they deal lightly at best with news and informing the public, which is what makes it very surprising. If they’re reporting it then reality is even worse

    • SaraTonin@lemmy.worldEnglish
      1·
      2 months ago

      Yeah, that’s the significant thing for me here. Not what’s being said, but which paper is saying it.

    • explodicle@sh.itjust.worksEnglish
      12·
      2 months ago

      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.

  • CircaV@lemmy.caEnglish
    17·
    2 months ago

    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 🤷🤷‍♀️🤷‍♂️

  • rayyy@lemmy.worldEnglish
    12·
    2 months ago

    Brexit AND the two elections of the orange felon/pedophile have been unmitigated successes for Putin.

  • jaykrown@lemmy.worldEnglish
    9·
    2 months ago

    I mean, it’s been pretty clear for a while now. Side question, why use “pc” instead of “%”? A bit confusing.

  • Gammelfisch@lemmy.worldEnglish
    4·
    2 months ago

    Nigel is a POS SVR asset. Another FAFO example of fucked up nationalism and racism. If you dumb bastards want to return, you’re more than welcome to, but I do want to see any shit from UKIP and Nigel can shove off to fucking Moscow.

  • jjjalljs@ttrpg.networkEnglish
    4·
    2 months ago

    Will anyone learn from this? Will any of the people who were wrong lose credibility? Doubtful.