Cost of Brexit to GDP will be more than our payments by the end of the year

[SirGalahad]

https://www.bloomberg.com/news/arti...n-and-counting-the-cost-of-brexit-for-the-u-k

Research by Bloomberg Economics estimates that the economic cost of Brexit has already hit 130 billion pounds ($170 billion), with a further 70 billion pounds set to be added by the end of this year. That’s based on the damage caused by the U.K. untethering from its Group of Seven peers over the past three years.

While growth globally has also cooled in recent years, the analysis by Bloomberg Economics shows the U.K. has still lagged. There is a strong historic correlation between the U.K. and G-7 countries. But they have been diverging since the vote to leave the EU, with the British economy now 3% smaller than it could have been had the relationship been maintained.

Figures from the House of Commons Library put the UK's total projected contribution to the EU budget from 1973 to 2020 at £215 billion after adjusting for inflation.

https://brexit.hypotheses.org/files/2017/01/Budget-et-contrib.pdf



Brexit Sunlit Uplands.

 

[ellal]

While growth globally has also cooled in recent years, the analysis by Bloomberg Economics shows the U.K. has still lagged. There is a strong historic correlation between the U.K. and G-7 countries. But they have been diverging since the vote to leave the EU, with the British economy now 3% smaller than it could have been had the relationship been maintained.

Or to put it more succinctly...

UK GDP Growth

2014 Fastest GDP growth in G7
2015 2nd fastest GDP growth in G7
2016 Fastest GDP growth in G7
(Whilst in the EU)

Then there was a referendum that went the way of leave.

Oops...

2017 Second slowest GDP growth in G7. 27th out of 28 in the EU
2018 Slowest GDP growth for 6 years. 24th out of 28 in the EU
2019 Slowest GDP growth for 9 years

 

[transam]

well thats cleared that up then

who are Bloomberg economics

 

[fillyboy]

https://fullfact.org/economy/uk-economic-growth-higher-europe/

 

[Notch7]

https://fullfact.org/economy/uk-economic-growth-higher-europe/

From your link

"In the longer term, UK growth is below growth in the Eurozone"

 

[fillyboy]

From your link

"In the longer term, UK growth is below growth in the Eurozone"

You will have noted that we're not in 28th position though, and that 'forecasts' tend to be just that.

 

[IT Minion]

well thats cleared that up then

who are Bloomberg economics

They're one of the bigger news sources out there. Mostly finance oriented and US based but they're a world wide organisation. Started out of the need for Wall street to have up to date info about things.

 

[Mottie]

Funnily enough, when most people move out of a rented house and buy their own house that they have complete control over, the first year costs are a lot higher than their last years rent too. It’s expected and comes as no shock. All works out in the end though.

 

[JohnD]

but since the UK is not moving out of a rented house, your analogy is irrelevant.

 

[Mottie]

We are moving out of a rented house run by a greedy management company with lazy, poncing, sitting tenants who pay less rent than us and are always raiding our fridge and not a moment too soon.

 

[IT Minion]

It's an ironic analogy given how many of the top Tories have buy to let property empires.

 

[JohnD]

We are moving out of a rented house run by a greedy management company with lazy, poncing, sitting tenants who pay less rent than us and are always raiding our fridge and not a moment too soon.

good for you.

but nothing to do with brexit.

 

[transam]

good for you.

but nothing to do with brexit.

Dare say the lazy. Management company and tenants raiding the fridge are remoaners

And corbyn supporters

 

[JohnD]

more pointless.

waffle from. tran. sAM

 

[transam]

I disagree