EU countries have, on the whole, absorbed the shock of Brexit. But in Britain, trade is down – and prices are up
Two years after Brexit formally took effect on 31 January 2020, and a year since the UK’s exit from the single market and customs union, we can attempt a provisional economic stocktake for both sides.
Nearly 52% of UK voters supported Brexit in the 2016 referendum. Nearly 100% of citizens elsewhere in the bloc were shocked by the result, and the first concern was that Brexit could mark the unravelling of the whole European project. That did not happen: indeed, quite the opposite. Even in the most Eurosceptic countries there was an increase in support for the European Union, a sort of closing of the ranks. There was a clear risk that the EU would become disunited in the buildup to Brexit. But again, it did not happen. All countries gave a strong mandate to the European Commission, and stood united.
Lorenzo Codogno is visiting professor in practice at the London School of Economics and the former chief economist of the Italian treasury
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