Former Tory PM slams Brexit as ‘an act of collective folly’ in outspoken attack

Basit Mahmood

Today
Left Foot Forward


“National interest was brushed aside by false hopes and promises. False hopes and promises that even a cabinet dominated by frontline Brexit enthusiasts was unable to deliver.”

A former Tory leader has slammed Brexit as an ‘act of collective folly’ in what amounts to an outspoken attack on his party after its decision to hold a referendum to leave the EU.

John Major said Britain’s “enemies celebrated and our friends despaired” at the result of the 2016 referendum.

His comments come as the economic harm caused by Brexit becomes increasingly clear. Earlier this week, a new study based on nearly a decade of data, found that Brexit had severely damaged the UK economy.

According to the National Bureau for Economic Research (NBER), which has based its findings on a decade of data since the referendum, the UK’s GDP (Gross Domestic Product) had fallen by as much as 8% from where it should be since 2016.

And according to new data released by the economists at Stanford University, the Bank of England, and the National Institute of Economic and Social Research has found that business investment loss by this year could be £275 billion or £400 billion.

Major accused senior Tories such as Boris Johnson and Michael Gove of ‘spreading misinformation’.

The Huffpost reports Major as saying: “It left our country poorer, weaker and divorced from the richest free trade market that history has ever seen.

“National interest was brushed aside by false hopes and promises. False hopes and promises that even a cabinet dominated by frontline Brexit enthusiasts was unable to deliver.”

He added: “The nation saw Project Fear become Project Reality very easily. It’s no consolation that the majority of the public now overwhelmingly recognises that it was misled in their moments of triumph.

“Brexiteers predicted other countries would follow their lead and leave the European Union. None have. All saw only too clearly that Brexit was packed with disadvantages.”

Brexit caused UK GDP to reduce by 8%, new study finds

Basit Mahmood 

Yesterday
Left Foot Forward News


So much for the land of milk and honey promised by Brexiteers.

Yet another study shows that Brexit has severely damaged the UK economy, as the evidence of the economic harm done by the decision to leave piles up.

According to the National Bureau for Economic Research (NBER), which has based its findings on a decade of data since the referendum, the UK’s GDP (Gross Domestic Product) had fallen by as much as 8% from where it should be since 2016.

The NBER says that increased uncertainty and reduced demand following the decision to leave had an adverse effect on the UK economy. It states: “We estimate that investment was reduced by between 12% and 18%, employment by 3% to 4% and productivity by 3% to 4%. These large negative impacts reflect a combination of elevated uncertainty, reduced demand, diverted management time, and increased misallocation of resources from a protracted Brexit process.”

It comes after another report last week which found that UK business investment is 12 to 18 per cent lower than it would have been if Britain had stayed in the EU.

New data released by the economists at Stanford University, the Bank of England, and the National Institute of Economic and Social Research has found that business investment loss by this year could be £275 billion or £400 billion.

So much for the land of milk and honey promised by Brexiteers.

Basit Mahmood is editor of Left Foot Forward