Kemi Badenoch blasts ‘myths’ that Brexit has hurt the UK economy as she says the country has succeeded by ’embracing free trade’
Kemi Badenoch has debunked ‘myths’ that Brexit has damaged Britain’s economic growth, exports and investment.
The Business Secretary insisted that the UK had succeeded on the world stage by ’embracing free trade’.
Her comments came as debate continues to rage over the effects of Britain leaving the European Union four years ago.
In its latest fiscal assessment published on Wednesday, the Office for Budget Responsibility said it expected a 15 per cent fall in trade and a 4 per cent drop in potential productivity compared with if voters had chosen Remain at the 2016 referendum.
Labour says it wants a closer relationship with Brussels if it wins the next election. But in a major speech to the Chatham House think-tank, Leave supporter Mrs Badenoch insisted the country was thriving since exiting.
She said: ‘We were repeatedly told that without the clout of the European Union bloc we would not open up trade with the markets of the future.
‘And three myths have arisen which are regularly repeated on growth, exports and investment.
‘The first is that Brexit has hampered our growth, relative to comparable economies. That is not the case.’
She said the International Monetary Fund predicts that the UK will outgrow France, Germany, Italy and Japan between now and 2028.
The second myth is that ‘exports have declined’, she said. ‘The value of UK goods sold overseas has increased from £576billion in 2016 to £624billion in 2020 and more than £850billion today, despite the impact of Covid and war in Ukraine.’
She added: ‘The third claim was that after Brexit investment would dry up. However, last year, our car sector alone attracted £23.7billion in investment commitments – more than the past seven years combined.’
Mrs Badenoch said the UK has ‘negotiated more free trade agreements than any other independent country in the world’ in recent years.
But she admitted Britain is unlikely to sign a long hoped-for deal with India before its forthcoming election.
