Brexit’s Broken Promises

Leaving the EU is not unleashing growth. There is no extra money for health care, nor much hope of concluding a trade deal.

The British flag flies over the Houses of Parliament in London, England
The British flag flies over the Houses of Parliament in London, England (Unsplash/Matt Milton)

The New Statesman reports that none of Brexit’s promises have come true:

  • Brexiteers said leaving the EU would unleash growth. Instead, growth has stalled and higher inflation has depressed real wages.
  • David Davis, now Brexit secretary, said Britain would be able to create “a free-trade area massively larger than the EU.” So far, no country has expressed an interest in doing a separate trade deal with the United Kingdom.
  • Liam Fox predicted that trade talks with the EU would be “one of the easiest in human history.” But the EU insists on properly negotiating Britain’s exit before even starting trade negotiations.
  • Rather than give Britain an extra £350 million to spend on health care each week, the Office for Budget Responsibility projects that the country will lose the equivalent of £300 million per week because of Brexit.

Little wonder that supporters of leaving the EU have continually lowered expectations. The promise of Brexit has been downgraded from a Singapore on the Thames to not “as apocalyptic as some people like to pretend”.