The British people’s patience has run thin as Brexit wrecked their national economy

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The British people’s patience has run thin as Brexit wrecked their national economy

Britain's currency has depreciated 20% against the dollar in the six years since the country voted to leave the European Union. During the latter months of 2022, the pound suffered the greatest decline relative to other major currencies. The pound fell 10% against the dollar in 2022 alone.

Due to the decline in trade and the resultant devaluation of the pound, imported services and commodities became more expensive, hence contributing to the further decline in economic activity. Meanwhile, the British economy’s volatility has reduced investment in the country. Despite the Conservative Party’s prior promises of “laissez-faire” commerce with the rest of the globe, including the European Union, Brexit put considerable restrictions on the country’s imports and exports.

In the eighteen months leading up to June 2022, investment in the UK fell by 11%, while trade value plummeted by 7%. Only the United Kingdom’s GDP has shrunk in comparison to the pre-pandemic period among the world’s seven big economies. The effects of Brexit, like the rise in food prices, have made it more challenging for the British middle class to pay for skyrocketing energy expenses. If the United Kingdom had not left the European Union, the annual income of British workers and households would have been greater, and household expenses would have been less.

In contrast, the increase in living expenditures will be followed by a substantial increase in taxes, to the extent that taxes would account for 37% of GDP in 2027 if the current pattern continues. According to researchers, the current tax increase is the greatest since World War II. Clearly, Brexit has subjected the British people to severe economic duress. Even six years after the decision to leave the EU, many Britons urge another referendum on the EU’s re-entry. According to a recent poll conducted with the cooperation of the newspaper “Independent,” 65% of British citizens advocate having a second ballot, and 54% of respondents viewed Brexit as a terrible decision that doomed the weakened British economy.

After leaving the European Union, the British ruling party’s pledges of greater economic prosperity have never been realised. Since Brexit, British citizens have experienced sluggish economic growth and higher living costs compared to other European economies. The corrupt politicians, especially the Tories, made the wrong choice when they decided to leave the European Union. This certainly had catastrophic implications for the British nation.

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