UK economy shrinks by 5% post Brexit- Goldman Sachs

Posted on February 16, 2024   |  

The UK's choice to leave the European Union made the British economy smaller because growth decreased and prices went up.

The UK's real GDP is 5% lower than expected due to less trade with other countries, less business spending, and fewer people coming from the EU.

Goldman Sachs thinks Brexit has had a similar effect as other estimates.

Last year, the UK's economy was probably 4% smaller because of Brexit.

Brexit has cost the average British household £1,000 (€1,172.55) so far.

Since late 2022, the British prime minister has had trouble making the economy grow, despite promises.

Not all of the UK's economic problems are because of Brexit, the pandemic and the energy crisis from Russia's actions in Ukraine have also hurt the economy.