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When life imitates satire: This mock “Brexit 50p” is now eerily indicative of what the UK has done to itself.

How is this good for the UK?

By the time the transition period ends in December this year, Brexit will have cost the UK more than £200 billion in lost economic growth.

That’s almost as much as the £215 billion the UK will have contributed to the EU in the 47 years of its membership (inflation-adjusted).

The UK economy is three per cent smaller than it would have been if a majority of voters had not decided to leave the EU in the referendum.

That’s equivalent to a three-year-long recession.

But racists, jingoists and fantasists love it.

And they will ignore the inconvenient facts until the day they die.

Brexit will have cost the UK more than £200 billion in lost economic growth by the end of this year – a figure which almost eclipses the total amount the UK will have paid towards the EU budget over the past 47 years.

The cost of the UK’s vote to leave has already reached £130 billion, with a further £70 billion likely to be added by the end of 2020.

Business uncertainty has caused the UK’s economic growth to lag behind that of other G7 countries since the 2016 vote.

That means the British economy is now 3% smaller than it would have been if the UK had not voted to leave the EU.

Figures from the House of Commons library put the UK’s total projected contribution towards the EU budget between 1973 and 2020 at £215 billion after adjusting for inflation.

Source: Brexit will soon have cost the UK more than all of its payments to the EU over the last 47 years put together

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