Brexit and the UK Economy: What's the Impact?

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Since the announcement of the EU referendum, economic experts have been producing research dedicated to assessing the impact of Brexit on the UK economy. As such, this article will provide an overview of current findings that highlight how the UK economy has performed since the referendum.

Revised economic statistics paint a clear picture

Revised economic statistics paint a clear picture of the UK economy's performance since the referendum. In the second quarter of 2022, Brexit had reduced GDP by 6% compared to pre-referendum levels. This suggests that Brexit has had a significant negative impact on the UK economy. However, it is important to note that there is still some uncertainty about the precise magnitude of the impact.

Despite the economic headwinds of Brexit and COVID-19, the UK economy is expected to perform well in 2023. The UK economy is expected to grow by 3.6% in 2023, according to the latest forecasts from the Bank of England. This growth will be driven by a number of factors, including increased consumer spending and business investment. However, the UK economy is still facing a number of challenges, including the ongoing impact of Brexit and the global economic slowdown.