Ten years after British voters narrowly backed leaving the European Union, the United Kingdom is taking stock of one of the most consequential political decisions in its modern history.

On June 23, 2016, a referendum delivered a 52 percent vote in favor of Brexit, setting in motion a political and economic transformation that continues to shape Britain a decade later. While supporters argue that Brexit restored national sovereignty and control over immigration and trade policy, critics contend that it has imposed long-term costs on economic growth, investment and trade.

As the anniversary is marked across the country, economists, policymakers and political analysts broadly agree on one point: Brexit has fundamentally altered Britain’s relationship with Europe and the wider world.

For supporters of the Leave campaign, Brexit’s most significant achievement has been the restoration of legislative and judicial independence.

The UK Parliament now has full authority over domestic laws without oversight from European institutions, while British courts are no longer subject to rulings from the European Court of Justice.

The departure from the EU also ended freedom of movement between Britain and member states, allowing successive governments to implement a points-based immigration system designed to prioritize skilled workers.

In addition, the UK has negotiated independent trade agreements with countries including Australia and New Zealand, while joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a major Indo-Pacific trade grouping.

Despite those gains, economists say Brexit has created new barriers to trade with the UK’s largest export market.

Although the post-Brexit Trade and Cooperation Agreement eliminated tariffs between Britain and the EU, businesses now face customs declarations, regulatory checks and additional paperwork that did not exist before withdrawal from the bloc.

According to various economic assessments, these administrative burdens have increased costs for exporters and disrupted supply chains, particularly for manufacturers, agricultural producers and small businesses.

Analysts estimate that productivity growth has been weaker than it might have been had the UK remained in the EU, while business investment has lagged behind pre-referendum expectations.

Small and medium-sized enterprises have been among the hardest hit, with many reducing or ending exports to European markets due to compliance costs and regulatory hurdles.

The effects of Brexit have varied widely across industries.

Manufacturing sectors such as automotive production, agriculture and heavy industry have faced challenges linked to customs procedures and rules-of-origin requirements.

By contrast, many service industries—including legal, consulting and digital services—have remained relatively resilient. However, parts of the financial sector lost automatic access to European markets, forcing firms to establish operations within the EU to maintain certain business activities.

A decade after the referendum, debate continues over whether new trade agreements can compensate for reduced access to the EU’s single market.

Supporters argue that Britain’s ability to negotiate its own trade policy provides long-term strategic opportunities, while critics note that the economic benefits of newer agreements remain modest compared with the scale of trade previously conducted within the European bloc.

The question of investment also remains central. Business groups say years of uncertainty following the referendum influenced corporate decisions about where to expand operations and deploy capital.

Beyond economics, analysts say Brexit has transformed British politics by placing greater responsibility for policy outcomes squarely on domestic governments.

For decades, political leaders could attribute unpopular policies to decisions made in Brussels. With that relationship severed, voters increasingly hold Westminster accountable for issues ranging from economic performance to housing, healthcare and public services.

Ten years on, Brexit remains a defining moment in British history—one that delivered greater national autonomy while reshaping trade, migration and economic policy in ways that continue to generate debate.

As Britain enters its second decade outside the European Union, the long-term verdict on Brexit remains contested. What is clear, however, is that the decision has left an enduring mark on the country’s political identity, economic trajectory and place in the world.