The Brexit effect: how leaving the EU hit the UK | FT Film
Financial Times・25 minutes read
Brexit has negatively impacted the UK economy, leading to increased import prices, inflation, and government borrowing costs, causing a divide among businesses and uncertainty in the City of London. The decision to leave the EU has resulted in economic self-harm, a recruitment crisis in various industries, and a reshaping of the economy, with political parties avoiding honest discussions on its consequences.
Insights
- Brexit has caused significant economic harm, leading to increased import prices, inflation, and a rise in government borrowing costs, impacting households and businesses negatively.
- The UK's decision to leave the EU has resulted in a complex economic landscape, with challenges such as increased bureaucracy, a recruitment crisis, and a reshaping of the economy, highlighting the far-reaching consequences of Brexit beyond just sovereignty concerns.
Get key ideas from YouTube videos. It’s free
Recent questions
How has Brexit affected the UK economy?
Negative impacts on prices, investment, trade, and inflation.
What is the immediate cost per household due to Brexit-related inflation?
Around £870.
How has Brexit impacted government borrowing costs?
Viewed as reckless by financial markets.
What is the Northern Ireland protocol?
Gives Northern Ireland a unique trading position.
How has Brexit impacted business investment in the UK?
Negatively compared to other G7 countries.
Related videos
Summary
00:00
Brexit's Economic Impact: Sovereignty Over Sense
- The mini budget reflects economic policies post-Brexit, emphasizing sovereignty over economic sense.
- Brexit has led to an inability to ship goods to the EU, causing significant negative effects.
- The UK's decision to leave the EU is seen as self-harm economically, impacting prices, investment, and trade.
- Brexit has resulted in increased import prices, leading to inflation and making people poorer.
- The immediate cost per household due to Brexit-related inflation was around £870.
- Brexit has caused a rise in government borrowing costs, viewed as reckless by financial markets.
- Brexit has impacted business investment negatively in the UK compared to other G7 countries.
- Brexit has led to increased bureaucracy, making it challenging for small businesses to adapt.
- The end of free movement post-Brexit has caused a recruitment crisis in various industries.
- Brexit has resulted in a reshaping of the economy, causing a painful adjustment period for certain industries.
15:11
Brexit's Economic Impact and Political Silence
- The EU is using the Horizon Science research project as a negotiating chip, worth 95 billion euros, to pressure the UK regarding the Northern Ireland border issue.
- The Northern Ireland protocol has given Northern Ireland a unique trading position, being part of both the UK and EU single markets.
- There is a political conspiracy of silence surrounding Brexit's economic effects, hindering an honest debate on its impact.
- Both the Tory and Labour parties struggle to be honest about Brexit's consequences, with the Tories avoiding the choice between rule-taking and self-harm, while Labour fears reminding voters of their stance.
- Brexit has divided the UK, with businesses experiencing mixed outcomes, some benefiting from new opportunities while others face challenges.
- The City of London faces uncertainty post-Brexit, with businesses relocating and the lack of clarity on the benefits of leaving the EU.
- Brexit has not delivered the promised economic benefits, with trade deals mainly replicating existing agreements and the UK losing access to its largest trading partner.
- Brexit has been characterized as a slow puncture rather than an immediate crisis, potentially leading to lower wages and productivity over time.
- The lack of public awareness and discussion on Brexit's economic impact contrasts with the focus on sovereignty and control over borders.
