The tenth anniversary of Brexit has coincided with a new political crisis in the UK. Experts believe that the new government has a chance to restore cooperation with the European Union.
- Ten years after Brexit, there has been another change of government in Britain.
- Economists regard Brexit as a failed experiment with no economic benefits.
- Most young Britons support rejoining the EU.
- Experts are calling for the resumption of cooperation in the fields of defence and the economy.
- A full return to the EU remains unlikely in the coming years.
Ten years after Brexit
The tenth anniversary Brexit coincided with yet another political crisis in the UK. Over the past decade, the country has already seen six prime ministers, and the new head of government will be the seventh. According to many economists and political commentators, leaving the European Union has not delivered the promised economic breakthrough; instead, it has created additional barriers to business, trade and investment.
The economic consequences of Brexit
According to estimates by the UK’s Office for Budget Responsibility (OBR), in the long term, Brexit could reduce economic output by approximately 4% compared with a scenario in which the country remained an EU member. Research also points to a negative impact on GDP, particularly for companies whose operations depend on trade with EU countries. In addition to the economic losses, Brexit has failed to achieve one of its main political objectives — reducing immigration. Although number of migrants Immigration from EU countries has fallen, whilst immigration from other parts of the world has risen sharply.
Europe has also lost
Analysts point out that it is not only the UK that is feeling the effects of Brexit. The European Union has lost one of its largest financial centres, a powerful military partner and an important diplomatic player. Against the backdrop of Russia’s war against Ukraine, China’s growing influence and shifts in global security, closer cooperation between London and Brussels is becoming increasingly important.
What changes are being proposed?
Experts are calling on both sides to gradually resume integration without the UK formally rejoining the bloc EU. Priority areas include: joint defence programmes and arms procurement, coordination of energy markets, simplification of border procedures for businesses, expansion of training and employment programmes for young people, and deeper cooperation in the field of cyber security. The UK’s full return to the European Union is not currently seen as the most likely scenario, but experts consider a gradual rapprochement between the two sides to be a realistic prospect.
