The UK Economy After 10 Years of Leaving the EU In the decade since the UK's historic decision to leave the European Union, the country's economy has undergone significant changes. The departure from the EU, formally known as Brexit, was approved by 51.9% of voters in the 2016 referendum, with a turnout of 72.2%. The UK officially left the EU on January 31, 2020, at 11 pm GMT. The post-Brexit era has brought both opportunities and challenges for the UK economy. The country's GDP has grown steadily, albeit at a slower pace than before, with a compound annual growth rate (CAGR) of 1.4% since 2020. The UK's inflation rate has also been under control, averaging 2.3% annually over the same period. The UK's services sector, which accounts for around 80% of the country's GDP, has remained resilient, with the sector's output increasing by 2.5% in 2022. The manufacturing sector, on the other hand, has faced headwinds, with output declining by 1.3% in the same year. The UK's trade relationship with the EU has undergone significant changes since Brexit. The country's trade deficit with the EU has widened, with the UK importing £133 billion more in goods and services from the EU than it exported in 2022. However, the UK's trade with non-EU countries has also increased, with exports to countries such as the US and China rising by 10.3% and 12.5%, respectively, in 2022. The UK's economic outlook remains uncertain, with the country's growth prospects influenced by factors such as the ongoing COVID-19 pandemic, the impact of the war in Ukraine, and the UK's future trade relationships with the EU and other countries.