what is the impact of brexit on the uk economy
Economic effects of Brexit Most economists, including the UK Treasury, argue that being in the EU has a strong positive effect on trade and as a result the UK's trade would be worse off if it left the EU.[10][11][12][13] Surveys of leading economists show overwhelming agreement that Brexit will likely reduce the UK's real per-capita income level.[1][2][3] A 2017 survey of existing academic literature found "the research literature displays a broad consensus that in the long run Brexit will make the United Kingdom poorer because it will create new barriers to trade, foreign direct investment, and immigration. However, there is substantial uncertainty over how large the effect will be, with plausible estimates of the cost ranging between 1 and 10 percent of the UKâ€™s income per capita."[4] These estimates differ depending on whether the UK stays in the European Single Market (for instance, by joining the EEA), makes a free trade agreement with the EU, or reverts to the trade rules that govern relations between all World Trade Organization members.[4] Prior to the referendum, the UK treasury estimated that leaving the EU would be bad for the UK's trade.[5]