Remember the Brexit bus promise: ‘We’re sending the EU £350m a week’. Let’s fund our NHS instead. Vote leave?
The truth increasingly seems that leaving the European Union means there is £173million less a week to spend on the NHS, according to calculations based on recent data from the ONS and the UK Government .
Weighing the cost of EU membership against the EU’s lost exports since Brexit, Brexit has cost the UK £9bn a year, or around £173m a week, around £25m a day, or just over £1m every hour.
Looking at the latest data from the Office for National Statistics (ONS) and comparing the UK government’s annual contributions to the EU versus lost EU exports looking at data for 2018, the last year before the pre-Brexit preparations do skew the data, and comparing it to 2021 figures it turns out that far from bringing in £350million a week to lavish on the NHS, the UK as a whole is £9billion pound sterling.
The UK government was due to pay £20 billion for its EU membership contribution in 2018. However, the UK-brokered annual rebate, officially known as the “Fontainebleau reduction”, of 4, £5 billion reduced the cost to £15.5 billion.
In addition, £4.5billion came back to the UK in credits for programs such as the £2.2billion EU Farm Guarantee Fund and the European Development Fund regional, at £0.7 billion.
Given these figures, the ONS said the UK Government’s net contribution to the EU – that is the difference between the money it gave to the EU and the money it he received – was £11 billion in 2018.
Compare that to the loss of exports to the EU. The ONS said UK goods exports to the EU fell by -£20bn in 2021, compared to 2018, the last period of stable trade.
“Even if we subtract the actual £11billion cost of EU membership for 2018 from the £20billion drop in EU export earnings, UK plc is still poorer £9bn than it was in 2018,” said David Jinks, head of consumer research internationally. ParcelHero transport company, which carried out the research.
“In January 2021 alone (the first month of Brexit), the value of goods exported to the European Union fell from £14.3 billion the previous month to £7.8 billion,” he said. He underlines.
“Comparing the cost of membership to the EU’s lost export trade, Britain’s situation is considerably worse after Brexit,” Jinks told City AM today.
“Far from saving money, the UK is £9bn a year poorer, or £173m a week, after leaving the European Union.”
“Brexit Opportunities Minister Jacob Rees-Mogg said in February that Brexit was ‘already a success’ and that ‘evidence that Brexit has caused trade to fall is scarce’.
“If the Minister for Brexit Opportunities wants to maintain his credibility with the business leaders he is meant to serve, he could do worse than analyze the current trade issues between the UK and the EU and, in particular , the Northern Ireland Protocol Agreement,” Jinks concluded.