Explainer: Brexit trade deal will lessen, but not kill, the economic pain
SECTIONS
Last Updated: Dec 24, 2020, 10:16 PM IST
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Synopsis
The UK government's Office for Budget Responsibility (OBR) forecast that, with a deal, Britain would see a loss of output of around 4% over 15 years compared to remaining in the EU. EU economies will also be hit, though to a lesser degree -- even if some, such as Ireland and Belgium, suffer more than others.
Agencies
Financial services were not part of the trade talks, so blanket access for Britain's vast banking and financial sector to the bloc's single market ends on Jan. 1.