Brexit’s cost – level 2
Experts predicted that Brexit would have a negative impact on Britain’s economy, but nobody thought that the impact would already happen.
A report says that after Brexit, Britain loses 120 billion dollars every year, and the impacts are visible in all areas of business. The report says that Britain’s GDP is 4% smaller than if Britain stayed in the EU. Around 370,000 EU workers left the country, and the worst situation is in the transport and storage sectors. The government is trying to solve the problem by hiring workers from outside the EU, but the attempt is not helping the situation very much.
People cannot really say how much exactly Brexit costs because of the pandemic and war in Ukraine. They brought new challenges for Britain and the EU. Britain will have major difficulty to return to the levels it had before Brexit.
Difficult words: GDP (all the things and money that a country makes during a certain time), sector (an area of business), challenge (a difficult task).
You can watch the original video in the Level 3 section.
How much do experts predict Britain will lose a year as a result of Brexit?
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