This is the opinion of famous British billionaire Guy Hands - a financial expert and Chairman of Terra Firma Private Joint Stock Company.

According to Bloomberg, the British tycoon predicts that the foggy country will be left behind by other European countries in the future. Specifically, Mr. Hands predicts that by 2030, the UK will be surpassed by Poland in terms of wealth. He said: "I look at the UK and see that by 2030, Poland will be richer than us. By 2040, we will be the poor people in Europe."

British people on the streets of London. Photo: AP

Mr Hands's prediction is well founded. World Bank figures show that between 2010 and 2021, the UK's average annual economic growth was 0.5% and Poland's was 3.6%. Currently, when adjusted for purchasing power parity, Poland's per capita GDP is £28,200 compared to the UK's £35,000. If it maintains its current growth rate, Poland will overtake the UK by 2030. By 2040, both Hungary and Romania will have overtaken the UK.

It has been more than 3 years since the UK left the EU. For those involved, this period of time has probably been quite difficult, because the UK has encountered a series of problems that are both objective and consequences of Brexit. The cost of living crisis and economic difficulties have pushed back the hopes and promises of a good economic outlook thanks to Brexit. The consequences of the Covid-19 pandemic and the conflict in Ukraine have added to the challenges for the UK.

Associate Professor Thomas Sampson, London School of Economics, UK, commented: "Leaving the EU has certainly slowed down the UK economy, new trade barriers have made it more difficult for many British companies to do business with the EU. Overall, the consequence is that the UK economy is growing slower, the UK is becoming poorer because of Brexit."

Since Britain left the EU, businesses have repeatedly complained of fatigue and frustration with the new post-Brexit rules. They face higher taxes and complicated administrative procedures. Small businesses are said to be the ones who suffer the most due to difficulties adapting to the customs and export rules that apply when trading with the EU after Brexit, according to The Economist.

The reinstatement of customs controls required by Brexit has disrupted Britain’s relationship with the EU gateway market, costing the country 15% of its trade. It has also disrupted supply chains, slowed investment, and caused major disruptions to the labour market.

Billionaire Guy Hands believes the UK should never have left the EU. Brexit essentially sets the country back 50 years to the 1970s, a period many remember as the Depression, with soaring inflation, high unemployment, widespread strikes and frequent power cuts.

According to the British billionaire, the current UK law is not suitable for the new environment after Brexit. The political upheaval that has occurred in the UK over the past 7 years has made investors worried and the public lack confidence. However, he believes that the UK government can now take advantage of the Brexit opportunity to introduce radical reforms, especially to the country's extremely complex labor laws. He said that this law is no different from a "nightmare" compared to other European countries.

“Right now, the UK has only two options if it wants to compete on the international stage. Either it destroys much of what political parties have spent 30 years building, or it returns to the common European home,” commented expert Hands.

But it is clear that rejoining the EU is not in the plans of British politicians. What they are aiming for is a closer economic relationship with the EU, thereby partly reducing the difficulties caused by the impact of Brexit. The signing of the Windsor Framework Agreement between the UK and the EU in March is proof of this, and also shows that the UK is taking stronger actions towards the future, instead of sinking into Bregret (regretting the break with the EU).

GIA HUY