United Kingdom still grappling with economic and political fallout ten years after Brexit

A decade after the 2016 referendum, the United Kingdom continues to feel the repercussions of leaving the European Union. In the art sector, London retains its position as the world’s second‑largest auction centre, accounting for about 18 % of global sales, according to the Art Basel and UBS Global Art Market Report. Industry leaders such as Paul Hewitt of the Society of London Art Dealers note that Brexit’s impact is amplified by other geopolitical shocks, while Alex Branczik of Sotheby’s says London remains “the most international after New York.” However, lower‑price segments have suffered from added customs paperwork and a decline in old‑master sales.

Politically, the country faces sustained turbulence. Prime Minister Keir Starmer has resigned, becoming the sixth post‑referendum premier, amid a stagnant economy that has not grown since 2019 and a 12 % drop in exports to the EU. Immigration policies have shifted, and public opinion polls show a growing majority favoring a possible second EU referendum. Labour figures such as Andy Burnham are poised to take leadership roles, but analysts warn that deep‑seated structural issues and partisan divisions make any rapid policy shift unlikely.