Brexit backlash: Brits now regret their populist revolt

livemint.com:

In 2019, Boris Johnson rode to a big election win on a promise to “Get Brexit Done" and finally strike a deal with the European Union for Britain’s departure. Next week, the Conservative Party that delivered Brexit goes to the polls again, this time facing a deficit of more than 20 percentage points and almost certain defeat by the opposition Labour Party. The only question, it seems, is the scale of the wipeout for the hapless Rishi Sunak and his Tories.

Eight years after the referendum, it is safe to say Britain has a serious case of “Bregret." About 65% of Brits say that, in hindsight, leaving the EU was wrong. Just 15% say the benefits have so far outweighed the costs. Most blame the decision itself, others blame the U.K.

government for not taking better advantage of it, and still others say Brexit suffered from bad luck: It took effect shortly before the pandemic and Ukraine war, both of which distracted the government and damaged the economy. In the years since 2016, Britain’s economy has slowed to a crawl, growing an average 1.3% versus 1.6% for the G-7 group of rich countries overall. By putting up barriers to trade and migration with its biggest trading partner, Brexit slowed trade and hurt business investment.

It caused years of political turmoil as Britain debated how to untangle itself from the EU. And it deeply polarized the country, half of which saw it as a unique chance to regain British sovereignty and half of which felt it had to apologize to Europe for jumping ship. It has left Britain exhausted and its self-confidence dented.