The government has openly acknowledged that a free trade deal with the USA will only boost UK GDP by a “negligible” amount.
The Tories have today published their negotiating plan for a UK-US free trade deal, and experts haven’t been blown away.
By its own estimates, the government expects a free trade deal to boost GDP by up to 0.16% “over the long run”.
As noted by BBC Newsnight’s Lewis Goodall, these economic gains are “negligible,” and yet a trade deal with the US is the biggest one we have available.
Indeed, ONS estimates suggest that – thanks to Brexit – the UK could lose anywhere between 6.7% and 9.3% in GDP growth over the next 15 years.
Meanwhile, accepting a US trade deal could also involve opening up the NHS to US competition, and accepting lower food standards.
Turns out Global Britain isn’t the gold-filled nirvana that we were promised.
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