UK-EU trade shows little new friction
IEA research featured in CityAM and Conservative Home
Catherine McBride writes for The Daily Express
“As Brexit could only possibly alter trade with the EU, which makes up just 42% of total UK trade, then for total UK trade to fall by 15% the OBR must still expect UK trade with the EU to fall by 36%. Of the 12 studies the OBR cites to back up the claim, analysing data from 2016 to 2019, none could have known the exact nature of the post-Brexit UK-EU Trade and Co-operation Agreement (TCA).
“The TCA differs from typical EU trade agreements by offering immediate tariff-free and quota-free market access. Contrary to external studies’ assumptions, non-tariff trade friction hasn’t been evident in UK-EU trade data.”
Read the full piece here (print, pg. 5).