• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Politics

Brexit has cost Britain nearly £16 billion since 2016, experts estimate

The trade blow in February alone was estimated at £11.5 billion by the Centre for European Reform.

Henry Goodwin by Henry Goodwin
2021-05-13 09:59
in Politics
Credit;PA

Credit;PA

FacebookTwitterLinkedinEmailWhatsapp

Brexit has knocked nearly £16 billion from the UK’s trade in goods since the 2016 referendum, leading trade experts said.

The Centre for European Reform estimates that quitting the single market and customs union at the end of December 2020 reduced UK trade by £7.7 billion – roughly 11 per cent – in March.

This came on top of a further £8 billion hit to trade between the referendum, in June 2016, and quitting the single market – a period which saw a significant fall in the value of Sterling.

Researchers created a ‘dopplegänger’ for UK trade in goods, using data from a group of similar countries to guess what would have happened in the UK had stayed in the single market this year – and comparing those figures to what actually happened.

Last month, the CER estimated the trade blow in February had been £11.5 billion. 

John Springford, CER’s deputy director, said: “There are two reasons why our estimate worsened between February and March.

“Trade growth in the countries that make up our ‘doppelgänger’ UK outstripped Britain’s, widening the gap with our modelled economy that stayed within the single market and customs union. The ONS has also revised February’s trade data downwards.”

RelatedPosts

PMQs – Raab’s Glyndebourne ultimatum leaves him brayed by the working class 

‘I feel soiled’ says MP who saw Raab winking at Rayner as she also responds

Indyref2 outcome neck-and-neck as odds for 2023 referendum shorten

Nearly a third of Leave voters think Brexit is going badly

He added: “It is important to remember that monthly trade data is volatile, so it will take several more months to be certain about the effect of Brexit on the level of UK goods trade, but it is becoming clearer that the impact cannot be dismissed as temporary.”

Meanwhile, coronavirus restrictions saw the UK economy contract at the start of 2021 but the hit was smaller than first feared as growth rebounded in March, according to official figures.

The Office for National Statistics (ONS) revealed that gross domestic product (GDP) – a measure of the size of the economy – fell by 1.5 per cent between January and March as lockdown took its toll.

A resilient performance in March helped soften the blow, with GDP rising by a better-than-expected 2.1 per cent month on month – the fastest growth since August 2020 – despite restrictions remaining firmly in place.

The ONS said the reopening of schools in March and solid retail spending helped drive the recovery.

Chancellor Rishi Sunak said: “Despite a difficult start to this year, economic growth in March is a promising sign of things to come.”

It comes after GDP also lifted by an upwardly revised 0.7 per cent in February as the economy becomes more adept at weathering Covid lockdowns.

But this was not enough to offset a 2.5 per cent fall in January – revised down by the ONS from a previous 2.2 per cent estimate – at the start of the lockdown.

The ONS added that first-quarter GDP was still 8.7 per cent below levels seen before the pandemic struck, though the gap narrowed in March to 5.9 per cent below the pre-Covid monthly level.

Darren Morgan, ONS director of economic statistics, said: “The strong recovery seen in March, led by retail and the return of schools, was not enough to prevent the UK economy contracting over the first quarter as a whole, with the lockdown affecting much of the services sector.”

Related: Lorry firm boss uses scantily clad women to advertise driving jobs following ‘Brexit drought’

Tags: Brexit

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Screen time hindering emotional intelligence of children

Watch – Shocking moment a ticket warden fines an ambulance for parking on double yellows

SNP candidate slams anti-Semitism after leaflet defaced with Nazi symbols

5 wines to try this Valentine’s Day

Blackpool hit by 4 earthquakes days after fracking begins in the area

PM’s speech: ‘Barefaced lie’ to attribute vaccine success to capitalism

Thieves stole nurse’s bikes as they treated coronavirus patients

Has Gary Lineker said what you are thinking about Greta Thunberg?

Britain’s most prized possessions revealed

£15 million Mclaren – Supercar has been put on the market for a huge figure

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.