Leaving the EU regrets – the British economy is paying a heavy price

Ten years ago, after Midsummer, we were faced with something new, when the British referendum ended in favor of leaving the EU.

Now 57 percent of Britons think leaving the EU was a mistake, he says research institute Yougov’s opinion poll from June. Many took this position even before Brexit took place, and their share has continued to grow since the EU exit became a reality in January 2020.

This is not the whole truth. Nigel Farage, who pushed for Brexit even with false claims, and Reform UK, which he led, won the election in the spring local elections. Still 30 percent of Britons think that the decision to leave was the right one.

The EU exit has brought prolonged uncertainty to the British economy, which credit rating agencies warned about both before and after the referendum.

According to various research institutes The EU exit has harmed Britain’s economic growth, reduced investments and exports, and weakened productivity and employment. According to one estimate In 2025, Britain’s GDP was six to eight percent lower than if the country had remained in the EU. Of course, there have been many other crises in recent years.

Britain’s share of Finland’s exports of goods and services was four percent last year, which is one percentage point less than a decade ago.

After the Brexit vote, Kauppalehti’s editorial pondered whether we will soon see similar referendums in other EU countries. President Sauli Niinistö urged the EU to focus on its basic values ​​of peace, security and freedom.

It is precisely those factors that have brought the EU together, even in the face of coercion, as a result of the war in Ukraine and the unpredictable presidency of Donald Trump. Instead of shrinking, there are now enough new aspirants to the union.

Last week, Ukraine and Moldova were able to start official membership negotiations, Montenegro is aiming for membership as early as 2028, and Iceland will hold a referendum in August on starting membership negotiations.

Security also drives Britain and the EU closer together. With the defense and security agreement created a year ago, the British defense industry can catch up with the EU’s 150 billion euro funding package.

In July, the aim is to agree on the merger of the British and EU emissions trading systems and on facilitating food trade and the mobility of young people, although the future of Prime Minister Keir Starmer, who has promised rapprochement with the EU, seems uncertain.

In addition to security, Britain is longing for the EU’s internal market in goods trade. A narrow majority of Britons support returning to the union, but support would drop if membership required joining Schengen and the euro. The British desire to pick cherries from the cake has not been viewed favorably in the EU after the bitter divorce.

However, if the EU wants to increase its influence through enlargement, in the next few years there may be a question as to whether the model of full membership is even suitable for the motley group of countries aspiring to join the Union. Even Britain might be interested in the options after the Brexit hangover.