Quote:
Originally Posted by YOWetal
This is not true. The UK has trailed Eurozone growth and trailed where they would have been without Brexit. Sure Germany has faltered the most though this isn't a brexit story it's self suicide on energy policy and dependence on China (and other factors)
|
Well if we compare from the Brexit referendum in 2016, then the compounded real GDP growth rate in 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, and 2024 has been:
- UK: +11.7%
- Eurozone: +12.7%
- Canada: +16.1%
And if we compare from the actual Brexit date in 2020, then the compounded real GDP growth rate in 2020, 2021, 2022, 2023, and 2024 has been:
- UK: +4.32%
- Eurozone: +3.57%
- Canada: +6.51%
So the predicted Armageddon didn't take place. The UK has done slightly worse than the Eurozone since the Brexit referendum, but oddly that was before Brexit actually took place. Since Brexit actually took place, they've done slightly better than the Eurozone.
The general view here is Brexit was largely neutral, because it was overshadowed by much larger phenomenons: Covid-19 and the European energy crisis with Russia's invasion of Ukraine.
Of course the Remainers at the FT will argue that the UK is considerably lower now than what it would have been if the curves from before 2016 had been prolonged, but simply prolonging curves makes me very skeptical. The UK economic growth was unsustainable already before 2016, relying as it did on cheap low-productivity immigration.