Britain's departure from the EU single market could see it lose the equivalent of 4.9 percent of GDP over 15 years, according to government estimates in 2018. The deal still must win approval from the British and EU parliaments. The UK is leaving the European single market, which after its departure will encompass around 450 million people. Still, trade will not be as seamless as before as the U.K. leaves the single market and the customs union. Since it accounts for around 80 per cent of the British economy, those businesses that rely heavily on business with the EU, such as banking and finance, face a murkier future.

Source: Mint December 25, 2020 01:30 UTC