Five years after the UK voted to leave the European Union, the country continues to grapple with the economic, social, and cultural consequences of Brexit. Businesses face new trade complexities and costs, while the UK government seeks to strike new trade deals globally. The long-term impact of Brexit remains uncertain, with both supporters and opponents revising their initial expectations.
Lars Andersen founder of 'My Nametags' holds up school children labels with the necessary bar codes at his factory in London, Thursday, Jan. 30, 2025. after almost five decades of membership that had brought free movement and free trade between Britain and 27 other European countries.supporters, the U.K. was now a sovereign nation in charge of its own destiny. For opponents, it was an isolated and diminished country.
“And our politics has been changed quite fundamentally as well,” he added. “We’ve seen a new division around Brexit becoming part of electoral politics.” “It has cost us money. We are definitely slower and it’s more expensive. But we’ve survived,” said Lars Andersen, whose London-based company, My Nametags, ships brightly colored labels for kids’ clothes and school supplies to more than 150 countries.
The government’s Office for Budget Responsibility forecasts that U.K. exports and imports will both be around 15% lower in the long run than if the U.K. had remained in the EU, and economic productivity 4% less than it otherwise would have been. “The big players aren’t so much affected,” Henig said. “We still have Airbus, we still have Scotch whisky. We still do defense, big pharmaceuticals. But the mid-size players are really struggling to keep their exporting position. And nobody new is coming in to set up.”
Meanwhile, the rise of protectionist political leaders, especially newly returned U.S. President Donald Trump, has raised the stakes for Britain, now caught between its near neighbors in Europe and its trans-Atlantic “special relationship” with the U.S.
BREXIT UK ECONOMY TRADE IMMIGRATION EU
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