Joel Hill discussed how the UK has changed after the Brexit vote in 2016 on ITV’s political show Tonight. He revealed that the Treasury at the time of the Brexit debate issued a damning Brexit forecast with then-Chancellor George Osborne, revealing his predictions on what would happen to the UK two years after a Brexit vote . Mr Hill drew up a tally to show how many of Mr Osborne’s predictions came true, the majority of which did not materialize.
A clip appeared on George Osborne’s ITV show Tonight warning of a potential Brexit.
He said: ‘This is what happens if Britain leaves, the economy contracts, the value of sterling falls, inflation rises, unemployment rises, real wages are affected , our house prices too and, as a result, government borrowing is going up. “
Mr Hill commented after the clip: “The main reason economic chaos was avoided is that the UK did not immediately exit the EU.
“The government negotiated a divorce settlement and after four and a half years of talks, a free trade agreement was announced on Christmas Eve.
“Only it’s not as free as the name suggests.”
Mr Osborne’s incorrect predictions included the contraction of the economy, rising unemployment, rising house prices and rising government borrowing.
Britain’s GDP fell slightly in the first quarter of 2020, but the pandemic was starting to take hold around the world, which saw a dramatic drop.
But in the run-up to a possible departure from the EU, GDP has steadily increased according to data from the Office of National Statistics.
While some Brexit concerns may not have materialized, new headaches involving Northern Ireland and trade are sure to keep Brexit at the forefront of UK policy for some time.
Disagreements over the Northern Ireland protocol have heightened tensions between the UK and the EU, as periods of trade grace will end soon in the coming weeks.
The so-called “sausage wars” between the EU and the UK are the result of the entry into force of an export ban on chilled meat.
The EU does not import chilled meat from ‘third countries’, which means that the UK will not be able to export these goods to Northern Ireland as it partially remains in the EU EU customs.
Brexit Minister Lord Frost and EU Vice President Maros Sefcovic met in London earlier this week to discuss issues in Northern Ireland.
But both sides conceded that little has been resolved without any agreement being reached.
The G7 summit in Cornwall is expected to tackle the subject with US President Joe Biden slipping into the row.
The US head of state, who has criticized Brexit in the past, fears the breach of the Northern Ireland protocol could disrupt the Good Friday deal.
The British government has not ruled out suspending parts of the protocol to unilaterally force extensions of the grace period.
They will use Article 16 to do this, the same process threatened by the EU to install a hard border in Northern Ireland to monitor vaccine exports at the start of the year.