Consequences of Brexit on UK Economy

The UK's decision to leave the EU, known as Brexit, has resulted in significant economic repercussions for the country. Since Brexit, the UK has experienced slower economic growth compared to other EU countries. The decline in GDP growth has been notable, with UK goods trade underperforming other advanced economies by approximately 15%. In terms of consumer prices, the UK has seen a rise of 30% since mid-2016, higher than the increases in the US and Europe. The British pound took a hit following the referendum vote, dropping 8% and has not fully recovered to pre-Brexit levels. London's position as the financial capital of Europe has been challenged, with Paris surpassing it as Europe's largest stock market in 2022. The market capitalization of London-listed equities has decreased by about 30% since 2007, indicating a significant decline in the financial market's value.