Brexit Already Costs More Than UK Saves EU Contribution
Brexit already Costs More than UK saves EU Contribution. The British economy suffered losses as a result of the departure from the European Union (EU), and that loss is already higher than the saving of EU contribution, and probably that is the outcome of the research team of the pro-European London think tank Center for European Reform (CER).
The Treasury lost 22 billion pounds in tax revenue through Brexit. According to the CER, the cause is that the uncertainty caused by the departure from the EU led to an economic dip of 2.1 percent.
The lost income is higher than the contribution money saved by the UK, by withdrawing from the EU.
“Two years after the referendum, we see that the vote for Brexit is seriously wrecking the economy,” says John Springford of the CER.
British Foreign Minister Boris Johnson and Prime Minister Theresa May talk about a ‘Brexit interest’. By this, they mean the money saved by the United Kingdom thanks to the Brexit. This budget would benefit health care.
According to the CER, this windfall does not exist. The Brexit would not give the United Kingdom any financial surprise, but rather a loss. Springford:
“The so-called ‘Brexit dividend’ is a myth: the departure from the EU costs the treasury £ 440 million. Per week, much more than the United Kingdom ever paid to the EU.”
The researchers used a statistical model that compares the British economy with how the economic circumstances would have been without a Brexit. CER did this by analysing the case with that of countries that most closely match the British economy over the past 20 years.