Brexit: A Stupid Decision with Devastating Consequences

Strategic Insights -

The UK's decision to leave the EU, voted on nine years ago, has caused significant damage to the economy and living standards. Michael Bloomberg, former mayor of New York, has described Brexit as "the single stupidest thing any country's ever done," and Professor Sir Anton Muscatelli, principal of the University of Glasgow, has called it "the most unhinged example of national self-sabotage in living memory." The Labour Government's "red lines" on Brexit, including not returning to the EU's single market or customs union, seem out of touch with economic reality and the will of the majority of the public.

Key Takeaways:

  • A YouGov poll shows that 56% of the UK population think Brexit was wrong, while only 31% believe it was the right decision.
  • 56% of those who voted for Labour in the last election consider rejoining the EU to be the right priority, yet the Labour Government is sticking to its "red lines" on Brexit.
  • Brexit has caused a sustained and worsening blow to the UK economy, with small and medium-sized enterprises (SMEs) particularly affected.
  • Labour's refusal to acknowledge the scale of Brexit damage and potentially revise its "red lines" has been criticized by Sir Nick Harvey, CEO of the European Movement UK.
  • The UK's decision to leave the EU has weakened the country with "a thousand tiny cuts" on its economy and living standards.

Statistics:

  • 56% of the UK population thinks Brexit was wrong (YouGov poll).
  • 31% of the UK population thinks Brexit was the right decision (YouGov poll).
  • 56% of those who voted for Labour in the last election consider rejoining the EU to be the right priority (YouGov poll).
  • 34% of the UK population oppose rejoining the EU (YouGov poll).
  • 10% of those polled do not know or are undecided on the issue of rejoining the EU (YouGov poll).

Sources:

  • YouGov poll (no date mentioned)
  • Michael Bloomberg, former mayor of New York (as cited in the article)
  • Professor Sir Anton Muscatelli, principal of the University of Glasgow (as cited in the article)
  • Sir Nick Harvey, CEO of the European Movement UK (as cited in the article)
  • The Herald (Ian McConnell column, no date mentioned)