Brexit cost the UK billions in lost trade and tax revenues, research finds | ITV News
Summary
TLDRThe 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.
Outlines
🐟 Impact of Brexit on the Fishing Industry
This paragraph discusses the challenges faced by the fishing industry in Brixham post-Brexit. It highlights the increased costs and paperwork due to new customs rules, as experienced by Ian Perks, a buyer whose customers are primarily in the EU. The narrative reveals a sense of disillusionment as the business owner, initially in favor of Brexit, now regrets the decision. The segment also includes data from the Center for European Reform, which estimates a 5% smaller economy and reduced investment and trade, attributing these issues mainly to Brexit rather than the pandemic.
Mindmap
Keywords
💡Brexit
💡Brixham
💡Customs rules
💡Economic impact
💡Investment
💡Trade
💡Pandemic
💡Political independence
💡Economic modeling
💡National debt
Highlights
Brexit was sold as a new dawn, but its impact on the people of Brixham has been different.
The fish market in Brixham remains open, but exporting fish to the EU now requires filling in forms due to new customs rules.
Ian Perks, a buyer at the fish market, is experiencing increased costs due to Brexit, estimating an extra £300 per day for his business.
Ian Perks feels that he and others were brainwashed regarding the benefits of Brexit.
The Prime Minister visited Brixen and assured that businesses would boom after Brexit, but Ian's experience contradicts this promise.
Brexit has resulted in the UK having to work harder for less money and has necessitated the hiring of extra staff for administrative tasks.
Ian Perks, who initially voted for Brexit, now regrets his decision and wishes the UK remained in the EU.
The Center for European Reform has modeled the economic performance of a UK that stayed in the EU and compared it with the actual post-Brexit performance.
The analysis shows that by the end of the previous year, the UK's economy was 5% smaller than it would have been if the UK stayed in the EU.
Investment by businesses and government in the UK was 13% lower due to Brexit.
While most economies have recovered from COVID, the UK's economic performance lags behind, suggesting Brexit as a major cause.
Brexit has cost the UK billions in lost trade, investment, and tax revenues, impacting the country during a time of rising national debt and falling living standards.
The Prime Minister's promise of a high wage, high productivity, low tax economy has not yet materialized for many due to Brexit.
For some, like Karen Morris, Brexit was about political independence rather than economic growth, and she has no regrets despite economic disruptions.
Recent economic shocks, including the pandemic and the war in Ukraine, have affected the UK economy, but the damage caused by Brexit is becoming increasingly evident.
Joel Hills from ITV News in Brixton reports on the varied experiences and perspectives on Brexit's impact on the UK economy and individuals' livelihoods.
Transcripts
a new dawn that's exactly how brexit was
sold to the people of brixham but for
some here it hasn't worked out that way
we mainly send through through france
belgium holland the fish market is open
and ian perks is buying almost all of
his customers are in the eu but nowadays
to export fish there you need to fill in
forms ian says new customs rules are
costing his business 300 pounds a day
and i feel we've been brainwashed when
the prime minister visited brixen he
told ian his business would boom after
brexit
brexit has meant that we we have to work
harder for less money
we have to employ extra staff for the
admin
i was the first one uh to put my hands
up to say i'm sorry because i voted
uh to come out of europe i really wish
that
we were still in there you regret it oh
absolutely
the center for european reform has
modeled the economic performance of a uk
that remained in the eu using data from
countries whose performance was similar
to ours before brexit it then compared
this with the actual performance of the
uk economy since the referendum six
years ago it concludes that by the end
of last year our economy was five
percent smaller than it would have been
had we stayed in the eu that investment
by businesses and government was 13
lower so two was goods trade but
services trade was seven percent higher
how can you be so sure that this damage
has been caused by brexit rather than
the pandemic
most economies have recovered
from covid most economies are now bigger
than they were
uh before the just before the pandemic
struck um and so if the uk is quite so
far behind then brexit has to be the
major cause
this analysis shows that brexit has cost
the uk billions of pounds in lost trade
lost investment and lost tax revenues
money the country could really do with
at a time of rising national debt and
falling living standards of course the
prime minister promises to produce a
high wage high productivity low tax
economy but the evidence suggests that
brexit so far has produced the opposite
for many people of course brexit was
about greater political independence not
economic growth and karen morris has no
regrets how long were we in europe so
you know you've got to expect some sort
of disruption it's the price that's
worth paying of course it is in the long
run yeah our economy has been hit by a
series of shocks in recent years the
pandemic and the war in ukraine are the
primary causes of the cost of living
squeeze we now face but the economic
damage that brexit has caused is
becoming clearer and harder to ignore
joel hills itv news in brixton
浏览更多相关视频
The Fall of the British Economy? | Economic Case study
What impact is Brexit having on the UK economy? - BBC News
How do UK elections work? | CNBC Explains
The European Union & the United Kingdom: A Troubled Relationship | EU History Explained Episode 4
We need to talk about Brexit | FT Film
How Brexit is Impacting UK's Trade with the EU: An Economic Analysis
5.0 / 5 (0 votes)