Post-Brexit Britain has 'significantly underperformed' other advanced economies since the 2016 EU referendum, according to new analysis from Goldman Sachs.
The U.K. economy is worse off today than before Brexit, according to new analysis from Goldman Sachs.
Pro-EU demonstrators protest outside Parliament against Brexit on the fourth anniversary of Britain's official departure from the European Union in London, United Kingdom on January 31, 2024.LONDON — Post-Brexit Britain has "significantly underperformed" other advanced economies since the 2016 EU referendum, according to new analysis from Goldman Sachs, which aims to quantify the economic cost of the Leave vote.
Goldman Sachs attributed the economic shortfall to three key factors: reduced trade; weaker business investment; and labor shortages as a result of lower immigration from the EU. Meantime, immigration from the EU has fallen — a key pledge of the Vote Leave campaign — only to be replaced by a less economically active cohort of non-EU migrants, primarily students, the research said.
"The post-Brexit change in immigration flows has reduced the elasticity of labor supply in the U.K., contributing to the post-pandemic surge in inflation and pointing to more cyclical labor market and inflation pressures going forward," the report said.
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