UK’s Brexit losses more than 178 times bigger than trade deal gains

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UK’s Brexit losses more than 178 times bigger than trade deal gains

Exclusive: All trade deals combined worth less than 50p per person a year, analysis of government figures shows.

All of Boris Johnson’s new post-Brexit trade deals put together will have an economic benefit of just £3 to £7 per person over the next 15 years, according to the government’s own figures.

The tiny economic boost – amounting to just 0.01 to 0.02 per cent of GDP, and less than 50p per person a year – is dwarfed by the economic hit from leaving the EU, which the government estimates at 4 per cent of GDP over the same period.

According to analysis commissioned by The Independent from top academics at the University of Sussex UK Trade Policy Observatory, the much-trumpeted free trade agreements (FTAs) “barely scratch the surface of the UK’s challenge to make up the GDP lost by leaving the EU”.

Mr Johnson has boasted of the deals creating a “new dawn” and representing “global Britain at its best” – but just two of the dozens announced since the UK left the EU are expected to have any measurable economic impact at all.

Official estimates from the Office for Budget Responsibility point to a Brexit loss of more than £1,250 per person over the coming years – more than 178 times the most optimistic prediction for the benefits from the trade deals.