What Went Wrong with Brexit?

Author Arthur Kraft
Co-Author John Kraft
DOI https://ww

Country : USA
Subject : Business and Economics

Keywords : Brexit, European Union, tariffs, United Kingdom

Abstract

Brexit referred to the withdrawal of the United Kingdom (UK) from the European Union (EU).
Immigration emerged as a key focus of the debate as Britain’s relative economic strength attracted tens of thousands of Europeans looking for work and putting additional strains on the labour market and local services. Those campaigning for Brexit said the EU was undemocratic, wasteful, tied up U.K. businesses with red tape and that Britain needed leave to regain control over a range of policy areas from trade to immigration.
Britain left the EU legally and politically on January 31, 2020, but followed EU rules until the end of 2020, during a transition period for trade talks.
Eight years after the referendum, Britain had a serious case of “Bregret.” About 65% of Brits said that, in hindsight, leaving the EU was wrong. Just 15% said the benefits have so far outweighed costs.
By putting up barriers to trade and migration with the EU, Brexit slowed trade and hurt business investment.
For the first time since records began in 1955, British households, when adjusted for inflation, were on average poorer. Brexit proved a disappointment to its supporters.

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