Brexit may be four times as expensive for the UK as it is for the European Union

As calculated by the European Commission, Brexit may be significantly more expensive for Great Britain than EU member states.

According to an official forecast of the Commission, an official forecast of the Commission states that the exit will result in an average loss of about 0.5 percent of GDP for EU countries by the end of 2022 (compared to Great Britain’s continued membership in) . On the other hand, in the UK, the loss could be around 2.25 per cent over two years. This would correspond to an amount of over 40 billion pounds.

The calculation is based on a static model based on OECD data, the paper states. On this basis, expectations were drawn as to how trade barriers created by Brexit could affect national economies.

According to the European Commission, if a harsh Brexit had taken place without a trade agreement, the loss would have been even greater.

In December, Great Britain and the European Union agreed to a free trade agreement. According to this, trade between the parties remains duty-free, but British exporters to the European Union must prove that their products were primarily manufactured in their home country. Evidence of compliance with EU food safety regulations and product standards will also have to be provided in the future.

Icon: Mirror

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