The Brexit deal is done but the damage to the UK economy is just getting started
The UK and EU have reached a trade agreement, avoiding the specter of a no-deal Brexit and ending years of extreme economic uncertainty on both sides. But economists warn that the costs of Brexit are still large, and will hamper the UK economy in particular for years to come.
“The hangover of Brexit starts now,” says Nicholas Bloom, an economist at Stanford who has studied the economic effects of the 2016 referendum.
Economists at Citigroup estimate that the UK economy will produce 2% to 2.5% less in 2021 than it would have with an extension of ties with the EU.
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