Brexit cost the UK billions in lost trade and tax revenues, research finds | ITV News

Summary

The video script discusses the impact of Brexit on the UK's economy and its citizens, particularly in Brixham where the fishing industry is suffering due to new customs rules. Ian Perks, a fish buyer, reveals his business is incurring additional costs and he regrets voting for Brexit. The Center for European Reform's analysis indicates the UK's economy is 5% smaller due to Brexit, with reduced investment and trade. Despite the pandemic's effect on economies worldwide, the UK's lagging recovery suggests Brexit played a significant role in its economic downturn. While some view Brexit as a price worth paying for political independence, the economic damage is becoming increasingly evident.

Takeaways

• 🌅 Brexit was initially sold as a new dawn, but it has not worked out that way for some, particularly in Brixham.
• 🎣 The fishing industry, which mainly sends fish through France, Belgium, and Holland, is struggling with new customs rules post-Brexit.
• 📋 Fish exporter Ian Perks reports an additional cost of £300 per day due to paperwork and customs forms for exporting to the EU.
• 💭 There's a feeling of disillusionment as businesses like Ian's were promised prosperity after Brexit but are facing challenges instead.
• 📉 The Center for European Reform's analysis shows the UK's economy was 5% smaller by the end of last year compared to staying in the EU.
• 💰 Brexit has resulted in billions of pounds in lost trade, investment, and tax revenues for the UK.
• 🔄 Trade in goods has decreased by 13%, and services trade by 7% since the Brexit referendum.
• 🤔 The pandemic's impact on economies is considered, but the UK's lagging recovery suggests Brexit has been a significant factor.
• 🎯 The analysis indicates Brexit's negative economic consequences, despite the Prime Minister's promises of a high wage, high productivity, low tax economy.
• 🌍 Political independence was a key motivation for Brexit, and some, like Karen Morris, believe the disruptions are a worthy price to pay for it.
• 🌪️ Recent economic shocks like the pandemic and the war in Ukraine have impacted the economy, but the long-term damage from Brexit is becoming increasingly evident.

Q & A

How was Brexit initially presented to the people of Brixham?

Brexit was presented as 'a new dawn' to the people of Brixham, suggesting a positive change and improvement in their economic situation.

What are the main export destinations for fish from Brixham?

The main export destinations for fish from Brixham are France, Belgium, and the Netherlands.

What additional costs has Brexit caused for Ian Perks' fish export business?

Brexit has caused Ian Perks' fish export business to incur additional costs of £300 per day due to new customs rules.

How has the UK government's promise of a 'high wage, high productivity, low tax' economy been reflected in reality post-Brexit?

The evidence suggests that Brexit has not produced the promised economy. Instead, it has resulted in lost trade, investment, and tax revenues, which contrasts with the prime minister's promises.

What is the Center for European Reform's conclusion about the UK's economic performance if it had remained in the EU?

The Center for European Reform concluded that, by the end of the year, the UK's economy would have been 5% larger than it actually was, with higher investment and government spending, had the UK stayed in the EU.

How does the UK's current economic situation compare to other economies that have recovered from COVID-19?

While most economies have recovered and are now larger than they were before the pandemic, the UK's economy has lagged behind, suggesting that Brexit is a major contributing factor to this discrepancy.

What sectors of the UK economy have been particularly affected by Brexit?

Both goods trade and services trade have been negatively impacted by Brexit, with services trade being affected more significantly, showing a 7% decrease.

What are some of the economic shocks the UK has faced in recent years?

The UK has faced a series of economic shocks including the COVID-19 pandemic, Brexit, and the war in Ukraine, all of which have contributed to the cost of living squeeze.

How does the Brexit impact differ from the impact of the pandemic and the war in Ukraine?

While the pandemic and the war in Ukraine have had significant economic impacts, the economic damage caused by Brexit is becoming clearer and harder to ignore, as the UK's economy has not recovered at the same pace as other economies.

What does the transcript suggest about the overall economic impact of Brexit on the UK?

The transcript suggests that Brexit has had a negative economic impact on the UK, costing the country billions of pounds in lost trade, investment, and tax revenues, at a time when the national debt is rising and living standards are falling.

What is the perspective of the individual who regrets voting for Brexit?

The individual who regrets voting for Brexit expresses a desire for the UK to still be a part of the EU, acknowledging that Brexit has resulted in a harder working environment with less money and additional administrative burdens.