Brexit’s cost – level 3
According to economists, Brexit costs 120 billion dollars a year in lost output, with the effects to business investment and to the ability of companies to hire workers.
Brexit hit the economy faster than many experts expected. A report suggests that Britain’s GDP is 4% smaller than if it had stayed in the EU.
Business investments are 19% less than the G7 average, and experts blame Brexit uncertainty for the change. The report also estimates the EU has 370,000 fewer workers than before Brexit, and this figure is only partially offset by the arrival of non-EU citizens.
For many people, Brexit was always more than simple numbers and the precise cost isn’t easy to know with the Ukrainian crisis and the pandemic. However, Britain has a long way to make Brexit successful and to close the gap with its major peers.
Difficult words: output (production), GDP (the production of goods and services in a country during a certain time), offset (to balance).
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What are the economic consequences of the Brexit referendum?
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