UK-US deal could see £3.4bn boost
A POST-BREXIT trade deal with the US is estimated as having the potential to grow the UK economy by 0.16%, according to the Government’s negotiating objectives.
The £3.4billion yearly increase outlined in the document published yesterday was predicted under the best-case scenario where the UK eliminates import tariffs with the States.
But if only “substantial tariff liberalisation” is achieved, then the increase estimated in 15 years was put at 0.07%, or £1.6billion, in the Government’s preliminary assessment.
Critics pointed towards estimates of a potentially larger hit to the economy caused by Brexit, and warned that benefits will be outweighted by negative impacts.
Prime Minister Boris Johnson has committed to obtaining a Canada-style deal with the EU, which previous Treasury analysis suggested could shrink the UK economy by 4.9%.
The best scenario outlined yesterday was where a “deeper trade agreement” with “full tariff liberalisation” and a 50% reduction in non-tariff measures is struck.
Under this, real wages for workers were of the 25th James Bond film, No Time To Die. It includes a smaller two-kilo gold coin with a denomination of £2,000, which has a recommended retail price of £129,990.
The world’s first James Bond precious metal bars – in gold and silver – are also included in the new collection.
They feature all 25 Bond expected by the Department for International Trade (DIT) to increase by 0.2%, or £1.8billion.
The scenario predicting a smaller boost to the economy was based on a 25% reduction of non-tariff measures and a “substantial tariff liberalisation”.
Liberal Democrat international trade spokeswoman Sarah Olney accused the PM of being “seemingly hellbent on risking UK prosperity”.
“Boris Johnson has repeatedly claimed that negative impacts of Brexit will pale in comparison to the benefits,” she said.
“But today’s analysis is clear: the gains from the best-case trade deal with Donald Trump will not come close to outweighing film titles and will be available to purchase from mid-March.
Laura Clancy, who designed the seven-kilo coin, said: “When the opportunity to design a Bond coin came along, I had to take on the challenge. I’ve found it an incredible privilege – my career high to date and my most successful project.” what we expect to lose from leaving the EU.”
Treasury analysis predicted that a trade deal with the EU similar to Canada’s would damage the UK economy by 4.9% of GDP by 2035, compared with remaining in the bloc. Leaving without a trade deal in place was estimated in the November 2018 study at having a 7.6% blow.
Labour MP David Lammy, a prominent Remain voice in the party, cited the analysis and said: “So now you admit the potential economic benefits of a UK-US trade deal are just plus 0.2% of GDP. In what planet does this boost wages or create jobs for anyone except the Tory Cabinet?”
Meanwhile, the UK spelled out in the 184-page document that the NHS will not be on the table during free trade agreement (FTA) talks with Washington.
Ministers were also committing to “ensure high standards” and protections were maintained for consumers and workers, while “not compromising” on environmental, animal welfare and food standards.
UK negotiators would work to ensure that measures are in place to prevent hikes in prices for the NHS, as the Government said the service “will not be on the table”.