Brexit deal to cost UK £100 billion by 2030, says report
London, Nov 26: The UK government's Brexit deal will cost the country £100 billion by 2030, a study by the National Institute of Economic and Social Research (NIESR) has said.
The study, which was commissioned by the People's Vote which sought a second referendum, also said the GDP would be lower by 3.9 per cent. The report said losing this mush is equal to losing the economic output of Wales or the city of London.
The withdrawal agreement, approved by the European Union (EU) on Sunday, November 25, sets out the terms of the UK's exit from the EU and that includes, besides a huge "divorce bill" of £39 billion, citizens' rights and the Northern Ireland "backstop" - a way to keep the Irish border open, if trade talks were hit.
Another political declaration sets out how the relationship between the UK and EU may look like after Brexit, outlining how the trade between the two sides will function.
The study found that the UK's exit from the EU in March 2019 and entering a transition period continuing till December 2020 before moving to a free-trade agreement would lead to a big decrease in trade and investment for leaving a single market would cause "higher impediments" to services trade, making it look less conducive to sell services from the UK.