According to The Independent, the UK's post-Brexit losses are 178 times higher than its gains in most sectors of the economy.
Top academics at the University of Sussex UK Trade Policy Observatory commissioned by The Independent conducted an analysis. It states that “the much-trumpeted free trade agreements (FTAs) barely scratch the surface of the UK’s challenge to make up the GDP lost by leaving the EU”. Thus, the UK's Brexit losses turned out to be more than 178 times bigger than trade deal gains.
“All of Boris Johnson’s new post-Brexit trade deals put together will have an economic benefit of just £3 to £7 per person over the next 15 years,” The Independent stresses. Importantly, the UK’s losses after the withdrawal may increase to 4% of GDP over the same period. Analysts expect a Brexit loss of more than £1,250 per person over the coming years.
The transition period between the UK and the European Union ended in January 2021. Since that moment, a trade and cooperation agreement between the two countries has been taken into effect. The United Kingdom officially left the European Single Market and the EU Customs Union. At the same time, the parties agreed to continue free trade without duties and quotas.
