BYD has started construction of a new EV factory in Thailand and is seeking a location in Europe. The UK is not under consideration.
published an analysis of how Brexit has impacted that country’s economy. It concluded that Brexit has been an utter disaster, an unforced error that has hobbled business and industry, slashed investment in the country, and robbed the treasury of billions in tax revenue.
“The decision to leave the EU has fueled significant uncertainty since the 2016 referendum, undermining business investment in the UK economy. Although business investment in Britain had been growing steadily since the 2009 financial crisis, this trend was abruptly interrupted precisely at the time of the 2016 referendum. Business investment in the UK is 31 per cent below the pre-referendum trend. In the EU, by contrast, business investment is currently 2 per cent above its pre-2016 trend.
“The UK economy is estimated to be 5.5 per cent poorer now than it would have been had it stayed in the EU, according to a study by the Centre for European Reform that compares the UK’s current performance with a counterfactual UK that did not leave the EU. Imports and exports of goods have been hit significantly and so was investment. It is estimated that, had the UK stayed in the EU, tax revenues would have been about £40 billion higher than today.
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