Introduction
In this section, we review the studies that have previously estimated the impact of Brexit on the United Kingdom economy.
Leaving the European Union is a substantial step for any member state to take. The decision is in many ways a social, cultural and political one, but it is also one which carries economic implications.
The United Kingdom’s potential decision to leave the European Union, or ‘Brexit’, has consumed much debate. The magnitude of the economic costs and benefits of Brexit cannot be known with certainty before the event. As a result, a range of estimates have given differing scales and even directions of the impacts. (See Figure 1.)