🚨🚨 Absolutely staggering costs of #brexit for the UK. Some brief summary of findings here 🧵 - ThreadSky

profjacob.bsky.social • 139 days ago

🚨🚨 Absolutely staggering costs of #brexit for the UK. Some brief summary of findings here 🧵

Prime Minister Keir Starmer has come under pressure to publish the true costs of Brexit after a minister confirmed Britain has spent £24bn alone withdrawing from the EU – with a further £6.4bn still to pay

www.independent.co.uk/news/uk/poli...

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lorddom.bsky.social•139 days ago

The divorce bill itself isn’t staggering as it’s just the fulfilment of the UK’s outstanding financial obligations contracted while still a member. What’s staggering is the loss of the financial inflow from being part of the single market because the Tories, with Labour support, shut us out of it.

pwc50.bsky.social•139 days ago

I seem to recall the “financial settlement” was something agreed up front by Johnson & his so-called negotiator Frost as part of the WA so shouldn't be a surprise to anyone

Anger would be far better directed at the ongoing cost of trade barriers & the impact on all of us including the EU

russellengland.bsky.social•139 days ago

Recent research from Aston University Business School

"Estimates based on monthly data indicate a 27% decline in the value of UK exports to the EU between 2021 and 2023

This translates to an annual loss of $80.1 billion (£64.7 billion) in exports to the EU"

#Brexit

profjacob.bsky.social•139 days ago

The PM has been urged to order an inquiry into Britain’s relationship with the bloc to assess the damage of Brexit and identify opportunities for closer cooperation in future as Treasury minister Tulip Siddiq confirmed Britain has paid the EU £23.8bn as part of its “financial settlement” agreement.

profjacob.bsky.social•139 days ago

On top of the money already spent, Ms Siddiq confirmed in response to a parliamentary question that Britain will pay another estimated £6.4bn to the bloc to settle the UK’s pre-existing financial obligations. /3

profjacob.bsky.social•139 days ago

The staggering figure has come to light as the chancellor tries to raise funds to plug a £22bn “black hole” in Britain’s finances, warning ministers earlier this week that there would be “difficult decisions on spending, welfare and tax” to come. /4

andrewwr235.bsky.social•139 days ago

I don't understand how it has "come to light", when the financial cost was spelled out at the time of Johnson's deal (although it was made clear the exact sum was contingent).

In 2021, the OBR estimate was £34bn, 75% of which would be paid by end of 2024.

profjacob.bsky.social•139 days ago

Campaigners reacted with fury after The Independent revealed the sum, calling for Sir Keir to reverse the damage done by Brexit by pursuing closer ties with Europe. /5

profjacob.bsky.social•139 days ago

MP Stephen Gethins said: “Brexit has been disastrous for the UK economy & broader society. It takes away rights and opportunities that my generation took for granted, makes it more difficult for biz, and we are paying heavily for the privilege of being outside the world’s largest SM. /6

profjacob.bsky.social•139 days ago

“There is no path to growth or economic success outside the EU & as these figures show, we are still paying for the mistakes of a hard Tory Brexit nobody voted for.
“Given this, it astonishes me that Sir Keir is pursuing a hard Tory Brexit that deprives public services of badly needed funds". /7

andyinafield.bsky.social•139 days ago

Weird article. This surely isn't news.

A40 upgrades (75% EU funded) still causing chaos in Pembrokeshire. Still, when complete, the land bridge will be as sweet as a nut. Oopsie.

Loads of stuff like that ongoing.

Then there's all those ukip mep pensions to cover.

miklosgyalog.bsky.social•139 days ago

What does it come to per day, if one wanted to put the figure on, let's say, the side of a bus?

elenaadaal.bsky.social•139 days ago

Its actually very little, since the 50 billion is a on-off payment to the EU. You can spread it out over a large number of years.

The 100 billion a year that UK misses because of reduced trade and growth due to Brexit is far larger.

petermiles.bsky.social•139 days ago

Whatever it is, it should be on the side of all buses for a year

richardbarfield.bsky.social•139 days ago

https://bsky.app/profile/richardbarfield.bsky.social/post/3l6zaoxu4kq2o

heim2yankel.bsky.social•139 days ago

The original payout to the EU was if I remember something around £35 billion pounds over 10 years. Are the figures here considered "absolutely staggering" beyond the original amount? Brexit is stupid on social, cultural, political and legal levels. The economic rupture of Brexit was unnecessary.

profjacob.bsky.social•139 days ago

No I do not think the amounts here are staggering in relation to the original amounts.

drchrisythomas.bsky.social•139 days ago

#BrexitHasFailed

roberthellier.bsky.social•138 days ago

Not a day goes by that I don’t think about this disaster 😞

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