Brexit waxes and wanes like the moon – but while our lunar satellite cyclically disappears from view, the effects of Britain’s exit from the European Union are visible across the board.
John Springford at the Centre for European Reform, who has been tracking its increasingly dire impact on the UK economy, released his latest update this week.
Based on the performance of similar countries before and after the event, he calculated that the UK’s economy was 5.5 per cent smaller in the second quarter of the year than it otherwise would have been. In real money, economic output was £33bn lower and tax revenues were £12bn lower.
