5 Economic Benefits of Brexit You May Not Have Heard About

An explanation and evaluation of five potential economic benefits of Brexit and whether they can give the UK economy some benefit.
Text version of video
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► www.economicsh... was founded in 2006 by Tejvan Pettinger, who studied PPE at Oxford University and teaches economics. He has published several economics books, including:
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[@economicshelp]

I went into more detail on the effect of immigration on wages and jobs in this video. kzbin.info/www/bejne/m5-zfZWBaKugj9k

[@alexcumbers]

This video actually makes clear there are ZERO benefits! Sure the CAP needs reform, but automation will improve all industries whether we are in the EU or not. Restrictive export delays are especially problematic for time sensitive items such as food. We are £100BN down on GDP with massive reduction in investment since 2016, which likely will get worse, just last week AZ moving to Ireland. Continued deregulation and potential leaving ECHR is a total disaster which will reduce workers rights leaving us with the P&O disgrace. And we’re now a rule taken rather than maker, with no seat at the table. It’s a complete disaster with politicians acting with criminal negligence.

[@chriswills9437]

Yes I agree, none then. The only benefit I can see is those firms engaged in tax avoidance and money laundering or others that wish to avoid environmental regulation which is a benefit to them and their clients.. but not to society.

[@Czybmnxn]

One huge benefit is that it allows us to enter new trade blocs across the world, which for a country that bases its economy around the financial sector, this could be hugely beneficial to us in the coming years. Especially with the Indo-pacific trade bloc that we are currently in having HUGE rising countries such as India, and Canada, and Australia, which are nations that we also share similar cultures to.

[@alexcumbers]

@@Czybmnxnlol - Do you mean like the tiny rounding error of GDP improvement that the CPTPP may deliver in 5 years? We do (maybe that should be - did) the majority of trade with the EU before we imposed economic sanctions on ourselves. 99.9% of people in this country had no clue what it meant to leave the EU and should not have been given the vote. The only real benefit is demonstrating what will happen to trade & the economy if you leave the bloc!

[@timoakley277]

​@@Czybmnxnfar too many coulds in there. That's like Rees Mogg saying it would take 50 years to get the benefit s.

[@pansepot1490]

Mate, the EU CAP doesn’t “reward” rich land owners. Yours is a very simplistic and frankly wrong representation of what is a complex system which has evolved throughout the decades and was aimed at supporting farmers (especially small ones) and ensuring food security while addressing environmental concerns. The money goes farmers who farm the land, not landowner unless they farm directly. If the UK still has feudal lords who own entire counties that’s a British problem, not a EU one. Who do you think will get the money for the “environmental projects” of post Brexit uk? Rich landowners who will turn farmland into more parkland. Ffs, do you really believe there will be any money left for small farmers once the Tories have redistributed the funds among their friends?

[@carolewood3482]

The only benefit of Brexit is that it highlights the need to re-join the EU.

[@invisiblesun6595]

Does the EU need Britain back though?

[@kristoffscuba5466]

The worst thing about brexit is the lack of right audio channel. No one ever mentioned that would happen.

[@user-hm8wf2jf1h]

😂😂😂😂

[@fransdigitalmediaservices3912]

Its like reading a Risk Assessment 8 years after you fell off the ladder. it would have been better to have read the risk assessment before you climbed up the ladder.

[@simonbilling2796]

Very depressing especiaĺy that 350 million a week rubbish ! Farmers , fisherman stuffed , rivers unsafe ....disaster capitalist un UK ffs

[@edgardebruin5539]

no benefit brexit is a total disaster

[@uweinhamburg]

Only one relevant point in an otherwise extremely one-sided presentation of facts and the reality! The relevant point is that the CAP of EUrope is perhaps the weakest element of their budget structure. It is on the other hand absolutely unhistorical to forget the background of this system and its development over time. The background of the CAP system was that the French industry at the time of the foundation of the EU has been weak compared to neighboring Germany and that there have been far too many farmers with tiny farms. The CAP was a measure to appease them and to redirect German contributions to the electorate of the French governments of that time. Germany back then accepted it to gain access to a bigger market. Since that time the agriculture element of the EU system has been reformed more than any other sector (exception perhaps fishing) and the percentage of the CAP in the EU household did sink in each planning period. And - don't let us forget: EUrope is still a food net exporter and can even feed more than half of all Brits from its surplus!

[@ilokivi]

Those food exports are no longer subject to health standard checks, and as HMRC has not yet introduced customs inspections those deliveries may be unsafe for human consumption. Not exactly a benefit of withdrawal.

[@simonbilling2796]

Maybe they could , but have to drop the media b.s. from the likes of the express , mail, sun . .and dump the present government!

[@nicks4934]

If there were any benefits the Mail and co would be shouting about them.

[@aaron2709]

England is enjoying its sweet FREEDOM from customers.

[@dmonkar]

Very interesting, thank you! The audio made me check my computer and headset... I think its only the left channel. Does not matther, though.

[@economicshelp]

Thanks for info.

[@kevinu.k.7042]

Though some say this vlog was biased it did seem to me to do what it said on the label. A lot of food for thought here. I would have preferred to have stayed in the EU and work toward further improvements in the EU farm subsidy system. My own suspicion is that the Government wanted up out of the EU in order to have free reign with their Neo Liberal policies. The European Courts regularly overruled U.K. government laws as contravening human rights. Thanks for the Vlog. Agreeing with others here the CPTTP would be a good. hopefully the Atlantic TPP will stay dead. American food standards are so abysmally low. It's worth noting that many nations around the world are complying with EU standards even though their goods are not traded with the EU. They are held as good standards.

[@nicks4934]

No major company will invest in uk. AZ, Intel.

[@peenjedoyle1010]

The UK will break up….I hope🏴󠁧󠁢󠁳󠁣󠁴󠁿🇪🇺

[@imastaycool]

@@Macro_Analyst Britain and even the UK as a whole is disunited politically, socially, and culturally. The poor political choices and decisions of Brexit have made the lack of unity ever clearer for the entire world to see. It's not just disunited, it's also completely imbalanced. Politically, it has devolved governments, but most of the power lies in Tory Westminster which has the UK at political loggerheads. Brexit was divisive and it shows how disunited the UK is with the region of Northern Ireland and the country of Scotland voting No to Brexit. The UK is literally split down the middle in the Brexit debacle which makes it politically disunited. Furthermore, the UK isn't a voluntary union because Scotland is actively being denied another independence referendum post Brexit - this, again, makes it a disunited partnership and an imbalanced one. Welsh and Scottish independence is growing while talks of a United/Shared Ireland are on everyone's lips - this, again, demonstrates a disunited and imbalanced union. Socially and culturally it is also divided and disunited as the different parts have their own culture and language + Britain has become increasingly "British Asian". Brexit itself limits multiculturalism and encourages exclusive nationalism and nativism which in effect breeds racism and xenophobia (the very core of Brexit). Try convincing yourself that Plague Island is united, but it's DISUNITED and IMBALANCED as well as undemocratic and unjust. And it's actively breaking up! 😅

[@fitzstv8506]

@@imastaycool Well said, that comment sums up the whole sorry state of the UK today.

[@stephanguitar9778]

There is one very real benefit. If a bunch of yobbo's got drunk and caused enough trouble on their Ibiza holiday, then got banned from Spain, they will also be banned from all Schengen countries. ie no more sun and fun, a win-win for Europe and other UK holiday makers.

[@invisiblesun6595]

I recall Slovakia having a problem with them as well in the 2000's. Their stag parties usually included (but weren't limited to) getting so drunk they'd blow chunks all over the streets and openly urinating in water springs. A rowdy bunch they were. I'm sure that played no small part in the beginnings of Brexit.

[@billanebixbol6457]

Time to take George to football. Rev up the Bugatti, wheyyyy.

[@giulianocalza7093]

Very interesting .... but it is like reading a macro economic university text ... reality is more complex: there will always be a big gap between the world of unicorns and rainbows conjured up by the brexiteers and the real world... and this gap will not be advantageous to the british subjects in the short, medium and long term.

[@tom4od]

Great video. If only people like you were in charge of the country. Unfortunately, most politicians will do anything for personal gain.

[@bryangeake5826]

CAP may have this 'cartel' type identity in food production, which free marketeers will say is a constraint to 'true economic activity', as its a fix that prevents 'true competitive efficiency' and rewards the larger wealthy land owners! Well maybe, but it has given the EU food security since 1957, and strategically that is highly geopolitically important, as the war in Ukraine has shown. So no, on balance CAP is an advantage in an uncertain world. It can/should be changed and made more flexible and take out those elements that are negative impacts on such matters as biodiversity by encouraging greater biodiversity AND food production, if that is not contradictory, but strategic food security is and always will be an imperative!! And the UK is now more vulnerable in this regard!! Brexit is and will always be a drag on the UK in terms of strategic security and economically.

[@aturan-fo1qt]

it is interesting that the land prices increased more than houses 📈

[@jontalbot1]

Not that strange. Most of the value of a house is the land it sits on. Land was relatively under valued for some time so what you are seeing is catch up

[@wardosravin]

Land should rise in value, NOT property (inflation adjusted). Property has a lifespan AND needs maintenance.

[@jontalbot1]

@@wardosravin Anyone putting CAPITALS for no good REASON is probably BARKING. Land does not always rise in value as you suppose and property can have a lifespan of hundreds of years. If l had a riverside property at Henley on Thames and did not maintain it, the value would in all probability be hardly affected. What’s your point?

[@hayleyfoster2634]

If the UK is out of CAP food prices must be falling. Surely deflation is just around the corner

[@adjwindu70]

I went insearched for brexit benefits and searched by upload dates. All the most recent videos are a few months old. None of them have a good thing to say.

[@tonydecentblackman1327]

It should be pointed out that no benefits were presented. We were not told that as a result of Brexit, we have material gains in this or that area of life. What was presented were complaints about EU policies.

[@keithwilliams744]

Well that’s time I will never get back. We are living the outcomes of Brexit minus more things that have been held back that will further damage our outcomes. Claiming farmers that can nearly afford to harvest crops gave money to invest in unproven technologies is wholly laughable or government invest that was always possible is now more likely is fanciful to the most extreme degree. Wages are rising because the government has capped wages but is determined to see productivity rise to counter the utility price explosion they endorsed. How can we benefit from trade deals when there are restrictions of exports and none to speak of on imports? We have seen a lot of talk but no consideration of supplying the manpower to even to get us to stand still let alone fall further behind. If we are to do more trade with New Zealand, Australia, India etc and outlay the same amount of money the shortfall has to come from somewhere either in product quality and supply frequency or economies in the supply chain, namely pay and conditions hence staffing remains an issue and just in time delivery issues means many products are no longer available via this method. This by default has made many industries less viable and other non viable. Immigration cannot be effected without manpower and we have taken on more responsibilities to man borders and process visas and residency applications. In short Brexit will cost more than the budget needed to finance the investment for the Brexit brave new world. It’s been claimed private enterprise will create the investment despite the records showing it results in the least investment possible rather than adequate funding.

[@LMB222]

Brits, please, look beyond the CAP. Does the CAP make Eastern Europe rich? No, more specifically in a very small part. They thrive because if theur integration with the DACH - Germany, Austria abd Switzerland. Moreover, your country hasn't tackled the issue of vocational education. "On job training" isn't a school.

[@bombonalvarez3802]

The brexit was pure demagoguery.

[@Kicklighter.A]

Thanks for the informative video. I'd be interested to see something on the progress/ possibility of a trade agreement with the USA, what that might look like and the potential benefits/ disadvantages. Ditto the CPTPP

[@fitzstv8506]

A UK trade agreement with the US will likely be similar to the extensive trade agreements the EU already has with the US and will take many years to formalise....the NI Protocol issue will first have to be resolved and proven before any serious trade negotiations with the Irish loving US can begin. Economic benefits by being part of the CPTPP will be minimal but will do no harm either however the UK as a member will be somewhat hamstrung by rules and regulations which is ironic given that leaving the EU was supposed to unleash the UK's global potential without rules and regulations.

[@robjoe1]

Paul dacre was editor not owner of the mail viscount rothermere is the owner

[@budlaumer]

What do you think of this line of thought regarding concentration of wealth? The rise of hedge funds and their argument that there is no actual benefit to the rest of us in these financial schemes was thought provoking. FYI-you will need to point your VPN at someplace in the US for the video to start: kzbin.info/www/bejne/o6WZgGaLiJ58e5Y

[@jim52313]

Oven ready deal no NHS no housing all available to a EU fruit picker

[@TheMusicalElitist]

😂😂😂😂 I just couldn’t keep a straight face

[@OptimisticHominid]

So, in summary, it's been a net negative for the UK!

[@muhammedharun4606]

I think your sound is not working

[@alkaholic4848]

The concept of deregulation being a benefit is so ridiculous... Regulations means we know what's in our food, what's in the cleaning products we use, we know that a label on a product is accurate and they're not just making stuff up, it's what makes people survive a car crash which without regulation would've been fatal, it's what stops employers taking advantage of employees, it's what stops your gas boiler from leaking, it's what makes your house safe to live in, it's what makes your working environment safe to work in, etc. You can't get rid of regulation altogether, all you can do is change it. But EU regulations are the best in the world - they protect the regular people far more than for example USA regulations do, which are shockingly awful for someone who's used to living in a real 1st world country like most of europe. They're difficult to improve on, especially with the UK's extremely corrupt government and their superrich influences, if we came up with our own regs then the regular folk would probably the ones to get really screwed.

[@Pattern-Recognition]

I think your channel is one of the best resources for a differentiated and un-ideological view on economics - presented in a way that is accessible for many. Or should be. Big shame your subscriber number isn't much higher. Basically there is at least one 0 missing.

[@WhichDoctor1]

the idea that the torys campaigning for Brexit actually wanted higher wages for working people lower house prices and less government money going to rich landowners is frankly ludicrous. Even if those are potential benefits the Tory party was never going to deliver them.

[@paulcarruthers2431]

I have found a benefit of Brexit . If Farage leaves Britain, then this would be a benefit of BREXIT 😂.

[@egnazia]

Sure, look at the supermarket shelves…leaving the common agricultural policy was definitely a benefit 😒

[@davidpiper3652]

Sort your audio out, mono in my left ear only does not cut it.

[@kirktravis5780]

Yeah because listening to a man talk is useless unless it's in stereo hifi. Can I cut the crust off your sandwich? Powder your bum for you,?

[@professionalgambler74]

great video

[@jaysp1910]

So no real benefits from leaving then.

[@101yayo]

BREXIT!!! BreXIT!!! bReXiT!!! We are taking out country back!!! wooooo!!!

[@daviddivad2796]

there is a slight whistling in your video. sounds kind of like a teakettle or something

[@williampatrickfagan7590]

Cannot hear you

[@ArifKhan-rd3vo]

Please make a research on canzuk prospects...

[@nicks4934]

Which are what?

[@MatthewRivers-Davis]

With the CAP, subsidies are democratised among the wealthy owners of land factors whereas many other industries are subject to market forces and not supported by subsidies. Leads to a lack of efficiency and a dependency culture where landowners get paid for setting-aside their land and being deliberately unproductive - would like to see farmers get a subsidy for being custodians of the natural capital of the countryside and investing in wilding and preserving natural habitats. Interesting that expensive labour in agriculture is replaced by substitute mechanized capital in the long run - nice to see the demand and supply graph - hope no-one switched off at that point 🤭

[@vvwalker7261]

Great video 👍

[@richardcoppack5357]

Yes, great video.

[@easternise]

EU migrants were never the problem - we had free movement. It was the other kind of immigration that was the problem.

[@ilokivi]

What kind of immigration was that?

[@easternise]

@@ilokivi the ones that refuse to integrate and go around blowing themselves up.

[@nicks4934]

@@easternise how did leaving the EU change that?

[@nicks4934]

Now we lost FoM. Only applies to GB.

[@terryj50]

No the other immigrants pay in for visas and the nhs surcharge they also don’t get any benefits. Taking 7 million people in a short period of time with paying nothing in other tax minimum tax and ni was a massive issue.

[@aidanmorrison4599]

Thank you for spreading the positivity

[@csharpe5787]

I didn't sound positive to me!

[@jennyd255]

As has been already said by someone else I would really like to hear more about the CPTPP proposal. I understand we are through phase one of applying, and on to phase two, but I don't know much else about it. On paper it sounded promising, but does it have any realistic prospect of happening, and if so when? Also will it bring the real benefits claimed, or has it been wildly oversold?

[@jontalbot1]

Even if we were a member the other members are along way away and will not compensate for the loss to trade as a result of Brexit, let alone the loss of FDI. It’s just another Brexit chimera. Brexit is an ideological not an economic project

[@mobberleyman6112]

its oversold because unlike becoming a member of the EU and therefore being inside a neighbouring single market/Customs Union, the CPTPP will just be a duty free trade deal so trade borders will still exist for both imports and exports, meaning Customs paperwork/checks/costs/delays still apply, added of course to the long distance ocean freight costs/transit times, which rules out any just in time production products. (unless by air which is very expensive)

[@fitzstv8506]

Being part of the CPTPP will have little effect on the UK economy, it will certainly do no harm but equally it will not lead to economic miracles. The EU are also I believe in negotiations with this group and their very strong position will without doubt have an influence the UK position.

[@51bikerboy]

Being a member of the CPTPP is like filling up your patrol tank in a village 100 miles away from you house because the petrol is 2 pence cheaper per liter.

[@fitzstv8506]

@@51bikerboy Only in this case the petrol is still no cheaper in the village 100 miles away!.

[@Candolad]

Haven't we saved around £190 billion by not having to pay into the EU COVID-19 support fund?

[@fitzstv8506]

The UK's covid response was relatively far more expensive than the EUs and far less effective.

[@sueshrubsole3712]

Would be great if we actually had Brexit

[@Dear_Mr._Isaiah_Deringer]

You have Brexit. Maybe not the Brexit you wanted, but you knew the party that was to execute it so you should have managed your expectations.

[@fitzstv8506]

You have brexit!, what exactly were you expecting?....Unicorns and sunlit uplands!.

[@sueshrubsole3712]

@@OptimisticHominid wrong. We voted for Brexit and the lying Perfidious Politicians have done everything in their power to prevent it. This isn't what we voted for and the politicians and remainers know it!!

[@nicks4934]

@@sueshrubsole3712 do we have FoM. Access to SM. A seat at the EU table. No. We left. Own it.

[@Raggman42]

I'm wondering actually what your brexit would be? Maybe you can tell us what exactly would your brexit be? I'll wait for your reply sue

[@tonywilson9950]

Which economy is doing better? As I voted leave I did not do this for money but freedom

[@ilokivi]

You had freedom of movement, of goods and services, of capital, a single market and customs union, directly elected representation in the European Parliament, a say in how rules and regulations were made and put into effect, a say in trade agreements with countries outside the EU, high environmental and food standards, the working time directive, an open skies agreement, access to Erasmus, representation in the ECJ, the European Commission, the European Council and the Council of Ministers. All in addition to the UK’s control of its borders, fiscal and monetary policy and UK law which continued unaffected from 1972 to the present. The UK economy has reduced in value, whereas its neighbours in the EU have grown.

[@tonywilson9950]

@ilokivi get real we still have what we need from those above and run our own country

[@fitzstv8506]

You always had freedom...but do continue to believe the lie that you had not!

[@tonywilson9950]

@@fitzstv8506 freedom is our government passing our laws. not being told who we can not admit to our country or told we can not deport criminals

[@fitzstv8506]

The UK while in the EU was always free to pass it's own laws there only was difficulty when some of the proposed laws were in conflict with EU law which was extremely rare and usually resolved without issue. EU and UK law usually mirror each other in fact much of EU law was formulated and championed by the UK. Inside or outside of the EU the UK is expected to respect international law and international norms are you suggesting the UK is above international jurisdiction? you probably are in your English exceptionalist way.

[@Candolad]

BREAKING NEWS: The UK hasn't effectively left the EU if you really look at how she's still paying into it, the regulations she's still adhering to and the Northern Ireland issue. The primary cause of our difficulties at the moment are the Tory government's insistence on high taxes (increases in Corporation Tax by 30% are driving businesses and entrepreneurs away).

[@markwelch3564]

You have cause and effect back to front. Businesses left before taxes went up. Taxes are going up because the ones who can't leave have to cover the shortfall caused by the ones that relocated

[@nicks4934]

And brexit

[@wardosravin]

The quicker the EU breaks up so countries can make their own trade deals amongst themselves - the better! Its on shaky ground as it is and I suspect in 10-20y the UK will be happy with its decision.

[@jonmce1]

THe results of Brexit has seen been the greatest increase in support for the EU in the EU in decades. Brexiters constatly promise something in the future because the failure of the present is a failure and when the future becomes the present they will continue to claim utopia is in the new future.

[@fitzstv8506]

The EU economy is now worth more than it was before the UK left and this despite the UK accounting for 20% of the EU's pre brexit worth, 3 countries are on the cusp of joining with and a further 6 including Ukraine are applicant nations, the EU currency the Euro is the world's second reserve currency and hot on the heels of the US Dollar to become the premier world currency. Unity among EU member states has never been greater and even in countries that were once euroskeptic like Hungary etc support for the EU amounts to 80% and more of their populations. The EU and particularly the smaller and mid size nations are predicted to enjoy high to very high economic growth over the next decade. The EU is not on shaky ground quiet the contrary it is in fact going through a revolution in unity and purpose and is the clear future of Europe and is one of the few dominant players in the 21st century world. The EU is not just about economics it is also about security, cooperation, development and most important of all peace. The only union in European that will likely break up in the next 10 to 20 years is the dysfunctional one you live in. A majority in the UK now strongly believe that leaving the EU was a mistake and this figure will not go lower but it will continue to steadily increase as demographics change and the UK economy continues to stagnate. This comment may not suit your narrative but it does reflects the reality of brexit.

[@wanderingtravellerAB99]

You are delusional. "The EU will break up" .- someone every week since the EU was formed. Britain leaving the EU is one of the best things that could have happened to it. Support for the EU has shot up all across member states since Brexit. Even Marine Le Pen, the Nigel Farage of France, changed her mind after she saw what a clusterf**k it has generated. "Brexit, so s**t, even Marine Le Pen doesn't want it", that's something that should be on the side of a big red bus somewhere.

[@nicks4934]

Dumb comment. Only the EU can stand up to china and US. Unity is strength.