How Has Brexit Been Going? | Economics Explained

Summary by Krater

This video examines the economic impact of Brexit and the COVID-19 pandemic on the United Kingdom, focusing on trade intensity, supply chain disruptions, labor shortages, and long-term GDP projections, concluding that the UK ranks seventh on the Economics Explained national leaderboard with an average score of 7.2 out of 10.

From the video

Answers: How has Brexit affected the United Kingdom's economy?

• Brexit economic impact
• COVID-19 pandemic economic effects
• UK trade intensity
• Supply chain shortages
• Truck driver shortages
• Long-term GDP projections
• National economy rankings

What it concludes

• The UK's trade intensity was 63% in 2019, compared to Australia at 46%, Japan at 35%, and the US at 24%.
• The Office for Budget Responsibility estimates that leaving the single market and customs union reduced UK goods trade by 15.8% as of August 2021.
• The OBR projects that Brexit will result in a 4% reduction in the UK's long-term GDP, on top of a 2% reduction caused by the pandemic.
• The UK ranks seventh on the Economics Explained national leaderboard with an average score of 7.2 out of 10.