Service exchange rates, however, remained in a range similar to those that would be registered if the UK continued to be part of the community bloc, said the report, prepared by CER deputy director John Springford.

The British economy was 5.5% smaller in June this year than it would have been if the country had remained a member of the European Union (EU), a slowdown that forced taxes to rise, according to a report released by the UK ideas British Center for European Reform (CER).

The think tank, which has regularly published analysis of the impact of Brexit since 2018, estimated that investment levels in the UK were 11% lower than they should be and trade in merchandise was 7% lower.

Service exchange rates, however, remained in a range similar to those that would be registered if the UK continued to be part of the community bloc, said the report, prepared by CER deputy director John Springford.

“The impact of Brexit is bound to lead to increased taxes, as slower growth requires higher taxes to fund public services,” Springford said in a statement.

According to his economic model, which simulates the evolution of the country’s finances in the absence of a split with the EU, the UK’s annual tax revenue would be around 40,000 million pounds (45,300 million euros).

The report’s authors argue that “there is little reason to think the long-term impact of the pandemic will be greater (in the UK) than in other countries”, therefore ruling out that the coronavirus pandemic has substantially changed perceptions. impact of Brexit on the economy.