It was clear from the start that the UK’s exit from the EU would impact both sides’ economies, but the UK would have a tougher time
According to the European Commission, Britain will lose 2.25% of its gross domestic product by the end of 2022. The EU will lose just 0.5% of GDP over the same period.
“While a free trade agreement improves the situation compared to the outcome without an EU-UK trade agreement, it cannot come close to matching the benefits of the trade relationship provided by EU membership”, – the EC report said.
The forecast was made against the backdrop of British companies facing problems at the border due to the introduction of new customs rules.