Three years on, is Brexit worth celebrating?
Spectator (UK)Nov 27, 2022
London Mayor Claims Brexit Cost the UK Economy Over $178B
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The Facts
London Mayor Sadiq Khan said on Thursday that Britain's exit from the EU has shrunk the country's economy by 6% so far — an annual cost of £140B ($178B).
Khan quoted data and research by Cambridge Econometrics — tasked with predicting how fast the British economy could have grown if the nation had remained inside the EU — to support his assertion.
The Spin
Establishment-critical narrative
Brexit was a monumental mistake. The current cost of living crisis in the UK directly results from this awful decision that has tanked the economy and made essentials vastly more expensive. It's time the UK built a closer relationship with the EU so as to turbocharge its economy.
Pro-establishment narrative
Cambridge Econometrics' estimates are nothing more than fantasies — even using all available data, it would be impossible accurately speculate on the British economy's health had the country voted to stay in the EU. The impact of the pandemic complicates any possible metrics that could have forecasted events over the past few years.
