COVID -19 and no deal Brexit could cost UK$174 BLN a year-Baker&McKenzie

5 oct 2020

COVID -19 and no deal Brexit could cost UK$174 BLN a year-Baker&McKenzie

Baker&McKenzie told to a report titled “The Future Of UK Trade” that due to the COVID-19 Pandemic Britain’s GDP has fallen by 2.2%below the outbreak. He also said that the combination of COVID-19 and failure to secure a post-Brexit trade deal with European union has also made a huge lost for them around($174billion).
On Oct 15Prime Minister Boris Johnson as set a deadline that he thinks would kick in when the United Kingdom leaves informal EU membership at the end of the year. Baker&McKenzie said with a trade it would cut GDP by 3.1% in a long run but also with a trade deal the cost of Brexit would increase by 3.9%.
Despite businesses are taking steps to prevent added costs of Brexit by reconfiguring supply chains,the deadline in export revenues for uk manufacturers will be substantial. Baker&McKenzie also said the UK government should plan and use all the tools to reduce the economic damage.
The opponents of the Britain’s turnover say brexit would then cost the country very much in money and power for decades to come back. But the supporters of brexit are saying that the country must face some short term costs .But for a long term the economic and political benefits which could shape UK own priorities.