Brexit

Department for Business and Trade written question – answered at on 18 April 2024.

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Photo of Philip Davies Philip Davies Conservative, Shipley

To ask the Secretary of State for Business and Trade, whether she has made an assessment of the potential implications for her policies of the Goldman Sachs report entitled the Structural and Cyclical Costs of Brexit, published on 9 February 2024.

Photo of Greg Hands Greg Hands Party Chair, Conservative Party, Minister of State (Department for Business and Trade)

The Government keeps track of external analysis from third parties often based on a range of assumptions and hypothetical views. Since leaving the EU, the Department for Business and Trade has secured free trade deals with 73 countries in addition to the EU, partners which accounted for £1.1 trillion UK trade in 2022, and simplified import tariffs to lower costs for businesses and households.

The UK’s total trade with the world (including goods and services) increased by £43bn (inflation adjusted) in 2023 compared to 2018. Since the referendum, the UK has grown faster than Germany, Italy, and Japan and the IMF forecasted that the UK will see the 3rd fastest cumulative growth in the G7 over 2024-2029, ahead of Germany, Italy, France, and Japan.

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