This is how much experts think Brexit has cost the UK government so far
John Springford, deputy director for the Centre for European Reform (CER) has used a modelling system from 2018 to look at the difference between the current UK economy outside of the EU compares to a UK which may have stayed in the bloc.
He believes the economy is now 5.5% smaller than it would have been if the UK had remained part of the EU.
This means the UK’s economic output was £33 billion less than if we had stayed in the EU between April and June alone.
This works out to £12 billion in lost tax revenues just for that quarter – working out to £40 billion for the year to the end of June 2022.
Springford compiled the hypothetical data by looking at countries which had a similar economy to the UK prior to Brexit, such as the US, Germany, New Zealand, Norway and Australia, and creating a “doppleganger” projection of where the UK could be right now.
Springford acknowledged that there are “always errors around estimates”, but he is “reasonably confident” in his findings.
He continued: “There is a gap between the things politicians want to say about Brexit and what the data tells us. I think it’s become impossible to argue that Brexit has not hurt the UK economy.”