Brexit has massively damaged trade, study finds

Ten years after the Brexit referendum, trade between Germany and Great Britain has suffered significantly, according to recent figures. German exports to the UK are projected to have fallen by around seven percent between 2016 and 2025, the Cologne Institute for Economic Research (IW) reported.

This downturn is not attributable to a general weakness in German exports. In fact, exports to the rest of the European Union surged by 41 percent during the same period, highlighting Brexit's specific detrimental effect on UK trade. The Brexit referendum took place on June 23, 2016, with 51.9 percent of voters choosing to leave the EU. The actual withdrawal occurred on January 31, 2020, after lengthy negotiations.

Researchers at IW emphasized that Brexit has proven to be a loss-making venture for both sides. The promises made by Brexit proponents have turned out to be illusory. Germany would benefit if Great Britain were to reconsider its decision or at least rejoin the European single market, the institute concluded.