"Departure to cost EU 0.5% of GDP but UK 2.25% by end 2022, according to first official estimate since deal was agreed
The economic blow dealt by Brexit will be four times greater in the UK than the EU, according to the latest forecasts by Brussels.
A month into the new relationship, the European commission said the UK’s exit on the terms agreed by Boris Johnson’s government would generate a loss in gross domestic product (GDP) by the end of 2022 of about 2.25% in the UK compared with continued membership. In contrast, the hit for the EU is estimated to be about 0.5% over the same period.
Equivalent to lost economic output worth more than £40bn over two years, the commission said that although worse damage had been avoided thanks to the 11th-hour trade deal signed in December, substantial barriers to trade still remained and would come with a heavier cost for Britain."
Brexit cost will be four times greater for UK than EU, Brussels forecasts | Brexit | The Guardian
WGAS - British fish are happier fish now!
The economic blow dealt by Brexit will be four times greater in the UK than the EU, according to the latest forecasts by Brussels.
A month into the new relationship, the European commission said the UK’s exit on the terms agreed by Boris Johnson’s government would generate a loss in gross domestic product (GDP) by the end of 2022 of about 2.25% in the UK compared with continued membership. In contrast, the hit for the EU is estimated to be about 0.5% over the same period.
Equivalent to lost economic output worth more than £40bn over two years, the commission said that although worse damage had been avoided thanks to the 11th-hour trade deal signed in December, substantial barriers to trade still remained and would come with a heavier cost for Britain."
Brexit cost will be four times greater for UK than EU, Brussels forecasts | Brexit | The Guardian
WGAS - British fish are happier fish now!
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