Brexit

Department for Business and Trade written question – answered at on 19 April 2024.

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Photo of Lord Birt Lord Birt Crossbench

To ask His Majesty's Government whether they have any plans to commission a review into the (1) economic, and (2) other, (a) benefits, and (b) disbenefits, of Brexit.

Photo of Lord Johnson of Lainston Lord Johnson of Lainston Minister of State (Department for Business and Trade)

The Department for Business and Trade has no plans to commission a review into the economic, and other benefits or disbenefits of Brexit. However, to mark the fourth anniversary of Brexit, on 31st January this year, the Department for Business and Trade published an overview of Brexit successes: Brexit 4th Anniversary

Since the referendum the UK has grown faster than Germany, Italy, and Japan. Latest figures show that UK exports are £862bn in current prices and 2% above pre-COVID (2018) levels when adjusting for inflation. The lnternational Monetary Fund (lMF) predicts that between 2024-2029 the UK will see the third fastest growth in the G7.

The Department has secured free trade deals with 73 countries plus the EU, partners that accounted for £1.1 trillion UK trade in 2022 and simplified import tariffs to lower costs for businesses and households.

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