ECONOMIC IMPACTThe UK government's Office for Budget Responsibility (OBR) forecast that, with a deal, Britain would see a loss of output of around 4% over 15 years compared to remaining in the EU. "A Hard Brexit Deal is stealthier, domestically abusing the economy over decades." But from Jan. 1, 2021, the UK will sit outside the EU's single market and customs union. So, although the goods trade that accounts for half the $900 billion in annual EU-UK commerce will be covered by the zero-tariff agreement, it will no longer be frictionless. With a trade deal done, Brussels may be more amenable to granting City of London firms more access.

Source: Mint December 24, 2020 16:07 UTC