Britain’s decision to leave the European Union has cost the government £500 million ($650 million) a week, wiping out for the moment any future savings from stopping payments to the bloc, according to a study published on Sunday.
The economic impact of the Brexit vote has been the subject of intense debate, with supporters and opponents of leaving the EU seizing on positive and negative data to reinforce their case.
The Centre for European Reform, a research group that focuses on the European Union, said the British economy is about 2.5 percent smaller than it would have been if the public have voted to remain in the bloc in June 2016. Its findings were based on the impact on the economy until the end of June 2018.
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Read more:
Tories gather for conference amid gloom and unfolding chaos
Britain's Labour party threatens to vote down any Brexit deal
Theresa May fights back after European rebuff
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Public finances have been dented by £26 billion a year, the equivalent of £500 million pounds a week and a figure that is growing, the group said.
The Centre for European Reform, which describes itself as “pro-European but not uncritical”, said it created a model of how Britain’s economy could have performed had the campaign to remain in the EU won the referendum in 2016.
The group said its analysis was based on 22 advanced economies whose characteristics closely matched Britain and that did not vote to leave the EU. They then compared it with Britain’s actual economic performance since the vote.
British economic growth in the first half of this year was the weakest for a six-month period since the second half of 2011 and companies were cutting investment, suggesting companies were taking a cautious approach before Brexit.
With just six months to go until the United Kingdom is due to leave the EU on March 29, prime minister Theresa May has warned that negotiations are at an impasse and that the EU must come up with new proposals on how to craft a divorce settlement.
She faces a fractious Conservative party conference over the next four days as she is challenged by both the pro and anti-Brexit wings of her movement. Former foreign secretary Boris Johnson described the Chequers deal she is trying to negotiate with the EU as “preposterous” in a newspaper article today.
Many business chiefs and investors fear politics could scupper an agreement, thrusting the world’s fifth largest economy into a “no-deal” Brexit that they say would spook financial markets and damage the arteries of trade.
During the 2016 referendum campaign on EU membership, supporters of leaving the EU claimed that Britain would benefit because it would no longer be sending 350 million pounds a week to the bloc.
Supporters of leaving the EU say Britain will benefit over the long term by being able to set its own rules and win trade deals with fast growing economies such as India and China.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
'Doctor Strange in the Multiverse Of Madness'
Director: Sam Raimi
Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams
Rating: 3/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY%20PROFILE
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
'Will%20of%20the%20People'
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EEric%20Barbier%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EYoussef%20Hajdi%2C%20Nadia%20Benzakour%2C%20Yasser%20Drief%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
