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British economy 'to grow 0.16% at best under US trade deal'
Source: The Guardian
British economy 'to grow 0.16% at best under US trade deal'
Admission lays bare limited benefits of ‘ambitious’ agreement with Donald Trump
Heather Stewart, Lisa O'Carroll and Richard Partington
Mon 2 Mar 2020 12.45 GMT
First published on Mon 2 Mar 2020 11.54 GMT
The British economy would be at most 0.16% larger by the middle of the next decade under a comprehensive trade deal with the US, the government has admitted, laying bare the limited benefits from striking an agreement with Donald Trump.
In a document published by Liz Truss’s Department for International Trade designed to kick-start post-Brexit trade talks with the Trump White House, the government said the British economy stood to benefit from an “ambitious and comprehensive” trade deal worth a fraction of GDP, equivalent to £3.4bn after 15 years.
Prompting warnings from economists that the benefits would be far outstripped by the losses from crashing out of the EU, the official analysis also showed that a more limited trade deal with the US would deliver benefits to the UK economy worth just 0.07% by the middle of the 2030s, or about £1.4bn.
The government had previously estimated the economy would be as much as 7.6% smaller should Britain leave the EU without a deal, and about 4.9% smaller under Boris Johnson’s preferred Canada-style agreement.
-snip-
Admission lays bare limited benefits of ‘ambitious’ agreement with Donald Trump
Heather Stewart, Lisa O'Carroll and Richard Partington
Mon 2 Mar 2020 12.45 GMT
First published on Mon 2 Mar 2020 11.54 GMT
The British economy would be at most 0.16% larger by the middle of the next decade under a comprehensive trade deal with the US, the government has admitted, laying bare the limited benefits from striking an agreement with Donald Trump.
In a document published by Liz Truss’s Department for International Trade designed to kick-start post-Brexit trade talks with the Trump White House, the government said the British economy stood to benefit from an “ambitious and comprehensive” trade deal worth a fraction of GDP, equivalent to £3.4bn after 15 years.
Prompting warnings from economists that the benefits would be far outstripped by the losses from crashing out of the EU, the official analysis also showed that a more limited trade deal with the US would deliver benefits to the UK economy worth just 0.07% by the middle of the 2030s, or about £1.4bn.
The government had previously estimated the economy would be as much as 7.6% smaller should Britain leave the EU without a deal, and about 4.9% smaller under Boris Johnson’s preferred Canada-style agreement.
-snip-
Read more: https://www.theguardian.com/politics/2020/mar/02/uk-says-it-will-not-lower-standards-to-strike-trade-deal-with-trump