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UK's Brexit Fallout: £40 Billion Tax Shortfall Forecast

6/23/2025

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Summary

Story summary

As the UK marks nine years since the Brexit vote, the Office for Budget Responsibility reveals a staggering 4% productivity loss, translating to a £40 billion tax shortfall from 2019 to 2024. Experts caution that the repercussions will continue to ripple for 15 years, forecasting a dramatic 15% decline in trade volumes.

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Story summary

As the UK marks nine years since the Brexit vote, the Office for Budget Responsibility reveals a staggering 4% productivity loss, translating to a £40 billion tax shortfall from 2019 to 2024. Experts caution that the repercussions will continue to ripple for 15 years, forecasting a dramatic 15% decline in trade volumes.