The economic decline started well before Covid, with the introduction of Osborne's program of austerity. But it's arguable which has had the more dramatic effect - austerity or Brexit.
Google AI tells us that Brexit has had the following effect on the economy -
The UK's economy has been negatively impacted by Brexit in a number of ways, including:
The UK's GDP is estimated to be 1.2–4.5% lower than it would have been if the UK had remained in the EU. The Office for Budget Responsibility (OBR) estimates that the UK's productivity will be 4% lower in the long run due to Brexit.
The UK has 1.8 million fewer jobs than it would have had if Brexit hadn't happened.
The UK's trade with the EU and the rest of the world has fallen relative to the size of the UK economy. In 2023, the UK's goods exports to the EU were 11% below their 2019 level.
The war has had negligible impact compared to Covid PPE. The UK Parliament website tells us -
The Department for Health & Social Care (DHSC) lost 75% of the £12 billion it spent on personal protective equipment (PPE) in the first year of the pandemic to inflated prices and kit that did not meet requirements – including fully £4 billion of PPE that will not be used in the NHS and needs to be disposed of. There is no clear disposal strategy for this excess but the Department says it plans to burn significant volumes of it to generate power – though there are concerns about the cost-effectiveness and environmental impact of this “strategy”.
As austerity and Brexit are down to the Tories then you have to conclude* that they have a significant responsibility for the current malaise of the economy.
*unless of course you are intellectually inclined to one of the many conspiracy theories. The link is not related to the economy, but is a wonderful example of the magic of conspiracy world.
https://x.com/MikeSington/status/1844432733352886299
Originally Posted by mygiddypant
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