The Truth About Brexit
Afaaq Raja
6
Article written October, 2018
In the referendum which was held on the 23rd of June 2016, the
majority of the British public voted to leave the European Union
(51.89%) whilst the minority voted to remain in the EU
(48.11%) the overall turnout was 72.21% meaning 27.79% peo-
ple didn’t vote at all.
With it being two years after the vote, I’ll be analysing the actual
effect of the referendum. People predicted that voting to leave
the EU would send the economy in to a recession; the Treasury
even predicted that 800,000 jobs would be lost as a conse-
quence; this was, in actual fact, very much over exaggerated.
The Lord Mayor of the City of London, Charles Bowman, said
the analysis estimates that between 5,000 and 13,000 jobs will
have gone by the U.K.’s leaving date of March 29th 2019; this is
far lower than predicted. People who voted to remain seemed
to assume the UK would go into a financial meltdown, but that
also seemed to be false. Sterling dropped 10% immediately after
the result but since then it has been steadily rising.
It’s easy to fall into the trap of believing that everything will be
okay for the future of the country, but certain statistics show the
severity of Brexit. Inflation has increased to a level of around
2.5%, which is 0.5% above the target rate. This means items
such as bread, milk and chocolate have increased in price. The
economy is around 1.9% smaller than pro Brexit economists
expected it to be at this point. Working out as a £38bn annual
