Brexit has dealt major blow to UK economy says Goldman Sachs

The study by the Centre for European Reform (CER), a pro-EU think tank, said that businesses that make an array of products including sporting goods, children’s toys, jewellery and medical equipment have struggled the most with border costs imposed by the UK’s decision to leave the EU, leading to 30% less trade between 2020 and 2023 than if Britain had stayed in the trading bloc.

John Springford, an associate fellow at the Centre for European Reform (CER), said at the time his analysis “shows that Brexit is leading to permanent depression to trade between the UK and the EU”.

“If Brexit hadn’t happened, and we can visit the universe where Remain won the referendum, then trade and [the economy] would be significantly higher,” he said.