Uk news Brexit has already cost more than the International Space Station MetiNews.Com
MetiNews.Com - The cost of Brexit to the UK economy has surpassed £130bn
Breaking News ! ParcelHero believes it’s not "rocket science" to see that the long-term cost of a no-deal Brexit will be three times higher than the coronavirus lockdown. The economic cost of Brexit is likely to top £200billion by the end of the year, according to a recent report from Bloomberg Economics - and that doesn’t take into account the possibility of an extension to the furlough scheme which is set to end on October 31. Constructing the International Space Station, the most ambitious collaborative international project ever, cost £115billion. With the price of Brexit continuing to rocket to astronomical levels, the international courier services expert, ParcelHero, fears it will be significantly higher than the cost of the coronavirus pandemic to the UK economy. Read More Related Articles Lockdown easing in Scotland: Stay in the know with our newsletters Read More Related Articles If you want full State Pension payment this is how many years you need to work ParcelHero’s Head of Consumer Research, David Jinks MILT, said: “A Bloomberg Economics report found that, by January 2020, the British economy was 3% smaller than it would have been if the UK had not voted for Brexit and the relationship between the UK and the EU had been maintained. “It said the economic cost to the UK was already £130bn by the beginning of 2020. Eight months on, it continues to soar.” The UK Government’s own figures confirm the widening gulf between the EU and the UK. While the Eurozone’s GDP contracted by -11.8% during the second quarter of the year, the UK’s GDP collapsed by -20%. Mr Jinks added: “To add to the enormous loss of investment and long-term contracts, there is also the price of the Brexit preparations themselves to consider. “These include last year’s £100m ‘Get Ready for Brexit’ campaign, which made even this year’s woeful ‘Stay Alert’ Covid awareness marketing seem successful.
. If the [UK] Government continues with its belligerent negotiation tactics, such as this week’s Internal Market Bill, which threatened to overthrow international agreements Britain had already signed in good faith, then we will undoubtedly be looking at a no-deal Brexit in January.”
(Image: AFP via Getty Images)
ParcelHero’s own research has revealed a no-deal Brexit will create £11billion of new border tariffs and will cost the average UK SME £163,000 in increased costs and duties. Last month, Professor Thomas Sampson, Associate Professor at the London School of Economics, said: “When measured in terms of their impact on the present value of UK GDP, the Brexit shock is forecast to be two to three times greater than the impact of COVID-19.” The most pessimistic forecast for the cost of the coronavirus comes from the Office of Budget Responsibility (OBR).
According to its calculations, the cost of the pandemic will be £192.6billion - Professor Sampson’s warning highlights the ongoing cost of Brexit to 2035 will far exceed the short-term Covid-19 hit. ParcelHero added that “people will have their own opinion whether Brexit or the International Space Station represents the best way to invest in the future. “It is interesting, however, that £200billion by the end of this year is more than the value of the entire British food and grocery market. We could all have free groceries for a year for the cost of Brexit.” For the latest information on changes to regulations and prices involved in shipping parcels between the UK, the EU and all overseas countries, visit the ParcelHero website here.
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