A decade on from the vote, the damning cost of Brexit

Alex Ross and Albert Toth explore the impact of the result

- Alex Ross and Albert Toth

“Let 23 June go down in history as our independence day,” Nigel Farage declared as he addressed a fist-pumping crowd of Leave supporters in one of the most-watched clips from that dramatic night of British politics a decade ago.

Farage said the result would be a “victory for real people, a victory of ordinary people, a victory for decent people”. The country had, by a small margin, voted to leave the European Union following a campaign that promised sovereignty, as well as an extra £350m for the NHS, a curb on immigration, and control of British waters.

But within 24 hours, Britain had lost its prime minister, David Cameron, as the country slipped into a period of political chaos centred on EU withdrawal negotiations, before the agreement was finally signed at an initial cost of £30.9bn.

Ten years on from the referendum, and six years on from leaving the EU, Brexit appears to have missed the mark.

“People are increasingly realising that they are feeling the Brexit effects on pockets, purses, jobs and opportunities,” Labour peer Neil Kinnock told The Independent. “They are also recognising that the glib promises made by Farage and other Brexiters were garbage.”

A day after Starmer stepped down as prime minister - the sixth to leave No 10 since the Brexit referendum - The Independent counts the cost of Brexit:

Brexit breakup alone cost £30.9bn

As part of the withdrawal agreement, the UK government agreed to a settlement with the EU, with the latest figure released by the Treasury showing that it stood at around £30.9bn.

Paid mostly over the five years since the UK left the bloc, it was broken down into two parts. The first was 9.4bn paid for during the transition period up to the end of 2020. The second was the reste a liquider - the outstanding budget commitments for projects - with £16.2bn paid off by December 2025. A further £5.3bn is due before 2065.

GDP growth tumbles