{"id":4754,"date":"2018-11-26T01:24:29","date_gmt":"2018-11-26T01:24:29","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/brexit-deal-will-cost-uk-100bn-by-2030-research-suggests\/"},"modified":"2018-11-26T01:24:29","modified_gmt":"2018-11-26T01:24:29","slug":"brexit-deal-will-cost-uk-100bn-by-2030-research-suggests","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/brexit-deal-will-cost-uk-100bn-by-2030-research-suggests\/","title":{"rendered":"Brexit deal ‘will cost UK \u00a3100bn’ by 2030, research suggests"},"content":{"rendered":"\n
\n
<\/p>\n

\"BigImage copyright<\/span>
\n Getty Images<\/span><\/p>\n

<\/span><\/p>\n<\/figure>\n

The government’s Brexit deal would leave the UK \u00a3100bn a year worse off by 2030, analysis by the National Institute of Economic and Social Research (NIESR) has claimed. <\/p>\n

The study commissioned by the People’s Vote, which wants a second referendum, said GDP would shrink by 3.9% annually.<\/p>\n

“This is the equivalent of losing the economic output of Wales or the City of London,” it said. <\/p>\n

Chancellor Philip Hammond has said the deal is better than staying in the EU. <\/p>\n

Approved by the EU on Sunday<\/a>, the withdrawal agreement sets out the terms of the UK’s exit from the EU, including its \u00a339bn “divorce bill”, citizens’ rights and the Northern Ireland “backstop” – a way to keep the Irish border open, if trade talks stall.<\/p>\n

A separate political declaration sets out what the UK and EU’s relationship may be like after Brexit – outlining how UK-EU trade will work.<\/p>\n

‘Less productive’<\/h2>\n

NIESR’s research modelled different Brexit scenarios against a baseline of staying in the EU. <\/p>\n

It found that the government’s preferred outcome – leaving in March 2019 and entering a transition period lasting until December 2020 before moving to a free trade agreement – would lead to a huge reduction in trade and investment. <\/p>\n

This is largely because leaving the single market would create “higher impediments” to services trade, making it less attractive to sell services from the UK, it said. <\/p>\n

“This discourages investment in the UK and ultimately means that UK workers are less productive than they would have been if the UK had stayed in the EU.”<\/p>\n

By 2030, at the end of the first decade outside the EU, the research predicts the following outcomes:<\/p>\n