10 years after Brexit vote, Britain still wrestles with economic fallout
Why it matters: Economists estimate the U.K. economy is 4% to 8% smaller than it would have been inside the EU.
A decade after 52% of British voters backed leaving the European Union, Brexit remains a defining political divide and a drag on the U.K. economy. The June 23, 2016 referendum set off a nearly five-year process before the split took full effect. Since then, businesses have faced new frictions trading with the 27-member bloc, including customs paperwork, border certifications and visa limits, even without tariffs on goods. Economists say the U.K. economy is now 4% to 8% smaller than it otherwise would have been, weighing on living standards and public services. Supporters argued Brexit would restore control and help Britain strike new trade deals, but a much-touted U.S. agreement never materialized.