Boris Johnson’s Brexit deal will cost the UK £70bn 2029 a study by the National Institute of Economic and Social Research (NIESR).
The independent forecaster suggested that GDP would be 3.5 per cent lower in 10 years’ time under the new deal, despite comments by the Treasury to the contrary.
NIESR said approval of the prime minister's deal "would reduce the risk of a disorderly outcome, but eliminate the possibility of a closer trading relationship with the EU,” adding:
We estimate that, in the long run, the economy would be 3.5% smaller with the deal compared to continued EU membership.
We are aiming to negotiate a comprehensive free trade agreement with the European Union, which is more ambitious than the standard free trade deal that NIESR has based its findings on.
People are taking the opportunity to point out a particularly ironic Brexit referendum promise that had once been printed on a big red bus:
Oh, the irony
And people fixed the Brexit bus