All the economic assessments prior to Brexit suggested that it would have a substantial negative impact on the UK economy.
However, when it finally happened in 2020, it coincided with the outbreak of the pandemic, a smoke screen that hid the initial negative economic effects of leaving the EU. More recently, the outbreak of the war in the Ukraine has caused major disruption, further obscuring how Brexit is impacting on British living standards.
On joining the EU in 1973, the UK’s national income per head was about the same as the EU15, and remained very similar to the euro area up to the time of the 2015 referendum.
However, the last few years have not been kind to the UK economy. Its standard of living today is 3 per cent lower than the euro area,…