Economic effect? None. The pro-hunting people made this one of their main complaints, whilst forgetting to explain how a drag hunt (hounds follow a scent laid) employed fewer people, hounds or horses than regular hunting.
Miss it? See Ethel's link, above. They were never going to (see my first paragraph) unless they seriously miss the killing part or thought the kiling useful. Nobody really thinks they were doing it 'to control vermin'. Pest controllers don't need to keep horses and hounds to kill 'vermin' once or twice a week, whilst ensuring that there are enough vermin breeding to provide more vermin to kill next season.
Does the average Briton care ? No. It was always a minority interest. I'd bet that vastly more people care about Chelsea soccer club losing a match than care about fox hunting being kept or lost ! Very few of us came into contact with fox hunting, even in rural areas.There aren't many hunts, and in spite of what the Daily Mail says about now, historically it was in decline. For example, my late father hunted, as did other farmers in this village, but nobody else I know in this village does now and 'his' hunt is one of many that had to amalgamate with others.
I wouldn't permit hunting on this farm; it's a nuisance in damaging fences, hedges and even crops. Nobody has ever asked me to allow it. We have foxes but we have rabbits too. The foxes eat the rabbits.Quite what the economic benefit was in killing a fox, not in itself much of a pest , when leaving it would remove a lot of rabbits, which are, was always a bit of a mystery (it saves us a few shotgun cartridges which we'd otherwise use on their rabbits, too !)