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UK’s Brexit deal estimated to cost almost $100 billion

By Abbey Westbury
October 30 2019 03:20 AM

CP1557946110 — A workman sweeps up leaves in front of 10 Downing Street in London, Wednesday, Oct. 30, 2019. Britons will be heading out to vote in the dark days of December after the House of Commons on Tuesday backed an early national vote that could break the country\'s political impasse over Brexit — or turn out to be merely a temporary distraction. (AP Photo/Kirsty Wigglesworth)

LONDON – A respected British think-tank has slammed Prime Minister Boris Johnson’s Brexit deal, concluding that the economy would be 3.5% smaller compared with staying in the European Union.

The National Institute of Economic and Social Research study released Wednesday says the agreement would deliver a 70 billion-pound ($90 billion) blow to the UK.

The researchers based their prediction on the assumption that the U.K. would leave the bloc with a free trade agreement with the EU after a transition lasting until 2021 while negotiating new deals with other nations.

Britain’s government says it plans a “more ambitious” trade deal with the EU than the one considered by the think-tank .

The research suggested a no-deal Brexit would cause an even greater loss to the economy, with a 5.6% blow to GDP.

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