Theresa May got the first green light for her Brexit agreement at the weekend when the remaining 27 EU countries voted to endorse its terms. Afterwards, European Commission President Jean-Claude Juncker said that it is “the best deal possible for Britain”. According to new analysis by the National Institute for Economic and Social Research though, the ‘best’ deal is far from a good one for the UK.
Assuming the UK leaves the EU Customs Union and Single Market in 2021 under the now approved agreement, by 2030, the country’s economy is forecast to be £100bn per year worse off. This would be chiefly due to the predicted 3.9 percent fall in GDP, a drastic reduction in trade with the remaining EU states of 46 percent, a drop of 21 percent in foreign direct investment and a potential loss of 2 percent in tax revenue.
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