• 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 now cost more than the International Space Station

LSE estimates suggest the ongoing cost of Brexit could be two to three times greater than the impact of Covid-19.

Jack Peat by Jack Peat
2020-09-17 10:22
in Politics
FacebookTwitterLinkedinEmailWhatsapp

The cost of Brexit to the UK economy has exceeded the International Space Station (ISS), according to new research – and it continues to rocket.

A report from Bloomberg Economics estimates that Brexit has set Britain back to the tune of £130 billion and is likely to top £200 billion by the end of the year.

By comparison, the ISS cost £115 billion, putting the damaging impact of the exit into context.

Vast sums of money

David Jinks MILT, head of consumer research at ParcelHero, said: “The Government’s own figures confirm the widening gulf between the EU and the UK.

“While the Eurozone’s GDP contracted by -11.8 per cent during the second quarter of the year, the UK’s GDP collapsed by -20 per cent.

“To add to the enormous loss of investment and long-term contracts, there is also the price of the Brexit preparations themselves to consider.

“These include last year’s disastrously mis-timed £100m ‘Get Ready for Brexit’ campaign, which made even this year’s woeful ‘Stay Alert’ Covid awareness marketing seem successful.

RelatedPosts

Conservatives suffer hat-trick of council by-election defeats

Watch: Tories take a beating as BBC QT heads to Inverness

Steve Bray fundraiser nears a quarter of a MILLION pounds

Labour MP asks whether US-born Boris should be deported for breaking the law

‘”Then consider the cost of last year’s wasted stockpiled food and medicines and the chaotic Operation Brock, which closed one side of the M20 for months, creating huge tailbacks.

“This year, vast sums are being spent on new border equipment, recruiting and training 50,000 Customs Officials and the new electronic Smart Freight System.”

Just the beginning

According to Jinks, this may only be the beginning as far as costs are concerned.

“If the Government continues with its belligerent negotiation tactics, such as this week’s Internal Market Bill, which threatened to overthrow international agreements Britain had already signed in good faith, then we will undoubtedly be looking at a no-deal Brexit in January.

“ParcelHero’s own research has revealed a no-deal Brexit will create £11bn of new border tariffs and will cost the average UK SME £163,000 in increased costs and duties.”

Last month Thomas Sampson, Associate Professor at the London School of Economics, warned that “when measured in terms of their impact on the present value of UK GDP, the Brexit shock is forecast to be two to three times greater than the impact of COVID-19.”

Jinks said Professor Sampson’s warning highlights the “ongoing cost of Brexit to 2035 will far exceed the short-term Covid hit.

“People will have their own opinion whether Brexit or the International Space Station represents the best way to invest in the future. It is interesting, however, that £200bn by the end of this year is more than the value of the entire British food and grocery market.

“We could all have free groceries for a year for the cost of Brexit.”

Related: David Cameron says austerity prepared UK to tackle Covid-19

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

In Pictures: Calais Migrant Camp Cleared

Russian oligarch’s chauffeur’s collapse sparks fears of poison attack in heart of Mayfair

Leave.EU donor Arron Banks referred to National Crime Agency for “multiple suspected offenses”

Give me a second chance, Shamima Begum pleads

Macron calls for plan to ‘protect ourselves’ against Afghan migration

Tory MP Charlie Elphicke referred to police for ‘serious allegations’

Another Caribbean country wants to remove Queen as head of state

Police investigating deaths of 13 residents at 9 care homes interview third woman for possible manslaughter

Conservative Party finally admits Universal Credit has increased food bank use

These are the biggest blunders made by employees on their first day at work

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.