The impact of the coronavirus pandemic and a no-deal Brexit with the European Union (EU) could cost the UK’s GDP around GBP134 billion ($174 billion) each year for a decade, noted a law firm, Baker & McKenzie, in a research report titled “The Future of UK Trade: Merged Realities of Brexit and COVID-19.” Key takeaways “The COVID-19 outbreak will cut Britain’s GDP by 2.2% below the levels anticipated before the outbreak.” “Brexit, even with a trade deal, would cut GDP by 3.1% in the long-run relative to a hypothetical scenario where the UK remained in the EU, while exports of goods would be 6.3% lower. Without a trade deal, the cost of Brexit would increase to 3.9% of GDP in the long run.” “Despite businesses taking steps to offset the added costs of Brexit by reconfiguring supply chains, the decline in export revenues for UK manufacturers will be substantial.” Related reads GBP/USD holds above 1.2900 amid Brexit optimism, Trump’s recovery EUR/GBP Price Analysis: 200-bar SMA challenges Dragonfly Doji on 4-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Asian Stock Market: ASX 200 leads the bull run on Trump’s COVID-19 progress FX Street 2 years The impact of the coronavirus pandemic and a no-deal Brexit with the European Union (EU) could cost the UK’s GDP around GBP134 billion ($174 billion) each year for a decade, noted a law firm, Baker & McKenzie, in a research report titled "The Future of UK Trade: Merged Realities of Brexit and COVID-19." Key takeaways “The COVID-19 outbreak will cut Britain's GDP by 2.2% below the levels anticipated before the outbreak.” “Brexit, even with a trade deal, would cut GDP by 3.1% in the long-run relative to a hypothetical scenario where the UK remained in the EU, while exports of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
