Brexit is working wonders – but Labour’s set to wreck the economy and shift the blame on leaving the EU of course. But rest assured, we’re keeping receipts.
Labour and the usual suspects in the media are resurrecting their favourite refrain that Brexit has been a calamity for the British economy.
They’re quick to paint a grim picture of our prospects outside the European Union, and yet, a quick glance at the numbers tells a rather different story.
Firstly, let’s get some perspective. Yes, this has been a challenging decade economically, but not just for Britain. Across the globe, growth has been subdued by the fallout from COVID-19, the crisis in Ukraine, rising energy costs, and the general slowdown in major economies. In fact, all four European G7 members – that includes Germany, France, Italy, and the UK – have grown more slowly per head from 2019-2023 than they did in the period from 2015-2019. This pattern is hardly the harbinger of Brexit disaster; it’s a broader economic reality affecting everyone.
And yet, Britain stands tall in this mix. Since the reality of Brexit began to take effect in 2019, our growth per capita has outpaced Germany and matched that of France. Yes, Italy has seen slightly better growth – but only after decades of stagnation, so a bit of catch-up was inevitable.
Since the reality of Brexit began to take effect in 2019, our growth per capita has outpaced Germany
If Brexit were the unmitigated disaster the left would have you believe, you’d expect Britain to be languishing far behind. Instead, we are powering ahead of Europe’s supposed economic powerhouse, Germany, in per capita terms. Whatever you may hear about Brexit in theory, the data doesn’t lie – Brexit isn’t dragging down our growth.
Of course, Britain should never be content to simply measure itself against our European neighbours. Our gaze should be set higher – looking towards the dynamism of places like Poland, Israel, and Australia. That’s the ambition that Brexit has unlocked for us – a chance to forge partnerships and trade deals far beyond the borders of the EU. And that’s exactly what we’re doing.
For those peddling the “Brexit gloom” narrative, let’s remind them of the facts. Under Conservative leadership, the UK economy had the fastest growth of any G7 economy in the first six months of this year, with low inflation and a global reach we placed 4th in world for exports, 2nd in the world for services, and 3rd highest globally for tech investment. Britain is flourishing in industries of the future – artificial intelligence, technology, and financial services – precisely because we’ve positioned ourselves as a global leader, unshackled from Brussels.
Under Conservative leadership, the UK economy had the fastest growth of any G7 economy in the first six months of this year, with low inflation and a global reach we placed 4th in world for exports, 2nd in the world for services, and 3rd highest globally for tech investment.
Labour’s line is predictable: once they start letting things slide… and they will, they’ll point to Brexit as the scapegoat for every economic challenge they encounter. They’ll attribute every fiscal hurdle, every challenge in trade, and every setback in growth to our departure from the EU.
But Britain’s growth figures show that Brexit is not the stumbling block they so desperately want it to be. Our growth trajectory has mirrored or outpaced that of our European neighbours – the very countries Labour insists we should never have left behind.
This isn’t to say that we can sit on our laurels. Britain must strive to do even better, to capitalise on the global opportunities Brexit has brought us. But the numbers speak for themselves: under the Conservatives our economy was growing, and we were defying the naysayers.
Vive le Brexit!
Claire Bullivant
Further reading: https://databank.worldbank.org/metadataglossary/sustainable-development-goals-%28sdgs%29/series/NY.GDP.PCAP.KD
