Future International Trade Opportunities

Part of the debate – in Westminster Hall at 4:30 pm on 1st May 2019.

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Photo of Angus MacNeil Angus MacNeil Chair, International Trade Committee 4:30 pm, 1st May 2019

Leaving the European Union with the deal that the Prime Minister hopes to get would do 6% damage to GDP. Leaving with no deal would do 8% damage. An American trade agreement would boost GDP by about 0.2%, which is a thirtieth or a fortieth of that, depending on the scenario. That means we would need about 30 or 40 US-style agreements to make up for the economic damage that Brexit will do.