Over the next decade, the United Kingdom will be paying the price for the government’s incompetent response to the spread of the coronavirus and the failure to strike a trade deal with the European Union.
This financial damage is due to the fact that a hard Brexit will reduce GDP in the long term by 3.1% compared to the scenario in which the country remains part of the EU. In addition, the export of goods will decrease by 6.3%, experts predict.
The situation is aggravated by how hard the coronavirus has hit Britain. The pandemic will cost the kingdom 2.2% of GDP compared to pre-coronavirus projections.
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“While businesses are taking steps to offset the additional costs associated with Brexit by realigning supply chains, the decline in export earnings for UK manufacturers will be significant”, – Baker & McKenzie said.