BREXIT: The UK is heading for a decade of Italy-style decline

The Resolution Foundation warned that exports to Europe have seen a major decline since Britain’s exit from the EU

Britain’s economy is on course to deteriorate to the level of deeply-struggling Italy over the next decade if it is unable to overcome the hit taken by challenges, including Brexit, according to a new report.
The Resolution Foundation, an economics think-tank, and the London School of Economics said in a report on Tuesday that Britain faced a long decade of decline and underperformance due to its departure from the EU, as well as the impact of the COVID-19 pandemic, automation, and the expensive challenge of making the economy less reliant on fossil fuels.

“The UK now faces a decisive decade, as the aftermath of Covid-19, Brexit and the net zero transition come together with major shifts in technology and demography. This matters far more than economics. Failing to rise to this challenge risks leaving the nation diminished and divided,” the report said.

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