Official figures released today show the benefit to the UK economy of a new proposed trade deal with Asian countries is small compared to the losses expected from Brexit.
The Government launched negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Monday, which Boris Johnson said would “open up unparalleled opportunities”.
Figures released today by the Department for International Trade (DfT) forecast a boost to UK GDP of £1.8bn in 15 years time from the partnership, compared to the 4 per cent long-term hit to GDP forecast by the government’s independent Office for Budget Responsibility as a result of Brexit.
It comes as Mr Johnson has today been warned that the EU could “slow down” exports or shut off the flow of important business data in the event of a trade war.
If the dispute over the Northern Ireland Protocol worsened then Brussels has a number of levers that could cause “significant economic consequences” for the UK, said Jonathan Portes, of the UK in a Changing Europe think-tank.