The UK’s exit from the European Union has been praised four years on, as new data shows the UK’s trade with Europe is an all-time high.
Britain left the EU on January 31 2020, four years after British voters chose to leave in a once in a lifetime referendum in June
Critics of the UK’s exit predicted that the country’s financial sector, accounting for 12% of GDP, would see a huge decline.
Shortly after the exit the world was plunged into the coronavirus pandemic, which majorly impacted economic growth globally.
Liam Halligan analyses the successes of Brexit on its fourth anniversary
GB News
Looking at data relating to the UK’s activity since Brexit, numbers show that the country is “middle of the pack” on GDP growth.
Leading with 14 per cent is the United States, followed by Spain, and the UK taking third place with just over 8 per cent growth since 2016, up
The data also reveals that UK exports to the EU since Brexit are at an all-time high, with a growth of 14 per cent since 2019.
In 2022, Britain secured £340billion of EU trade, up from £298billion in 2019.
Boris Johnson secured Brexit for the UK in 2020
PA
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Analysing the data, GB News Business and Economics Editor Liam Halligan said there “isn’t a definitive answer” to determine if the UK is worse or better off financially from Brexit.
Halligan stated: “Do you remember there was a certain notorious campaigner for Remain who said on BBC Question Time ‘our trade with Europe will go to absolutely zero’. That hasn’t happened, has it?
“Trade has been made harder, particularly if you’re a small firm right. But trade, our exports to the EU are actually at a record high.”
Halligan added that the increase is also due to UK inflation, but the figures still remain at a “record high”.
Prime Minister Rishi Sunak is dealing with the consequences of Brexit and the Coronavirus pandemic
PA
Halligan also revealed that the growth in 2022 was contributed by the trade of “liquified natural gas” from America, which was “very valuable” for the UK.
He continued: “Those figures, people will be screaming at the TV who don’t like Brexit. But I’m being as even-handed as I can possibly be.
“The UK has been a magnet for foreign direct investment and that hasn’t changed since Brexit, despite a lot of people saying that where there would be no foreign direct investment between 2009 and 2015, the year before the referendum, our foreign direct investment into the UK was 1.6% equivalent of GDP.
“So that’s pretty chunky, but since 2016 it’s been 3.1% of GDP. So it’s doubled in terms of percentage of GDP.”
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