@EEexpat ,
‘What is normal? Is there an international law that EU shall always have the lowest tariffs applied to them by other countries?’
Normal is no or minimal tariffs. Trump’s tariffs are very unusual.
There is no law, but it is reasonably obvious that gaining cheap access to the EU plus UK (which would be the case were we to rejoin) would be a much bigger incentive to another country or trading block than gaining access to the UK alone.
‘So, would trade deals that UK has made with other countries since leaving the EU have to be cancelled?’
I suspect so, though it would obviously be subject to negotiations. In return we would gain access to all the EU deals, though.
‘What are the 50-60% losses? How were they measured (as opposed to estimated)? Who will return these losses to the UK? Will the EU send a cheque?’
The losses since Brexit have been reliably estimated at 6-8% of GDP. Of course , this can’t be proved absolutely, but it is the conclusion of something like 90%+ of economists.
Economic Cost of Brexit
Comprehensive studies over a decade after the referendum show that Brexit has reduced the UK economy by 6% to 8% compared to a hypothetical scenario where the UK remained in the European Union. This equates to a total accumulated hit to the economy between £180 billion and £240 billion, or roughly a £2,300 to £3,700 average annual reduction in GDP per capita. 1, 2, 3, 4]
Research projections indicate the following structural recovery outcomes:
MetricExpected Economic Impact of RejoiningSource / Reference
GDP Recovery
+3.6% boost to long-term GDP (recovering ~£92 billion)
Frontier Economics / Best for Britain
Damage Recouped
~90% of the long-term economic damage predicted by the OBR would be eliminated
Best for Britain
Export Boost
+£43 billion increase in global exports in just the first year
Best for Britain
Trade Costs
Saves 2% to 8% in baseline export costs by wiping out rules-of-origin paperwork and regulatory border checks
I think that, unless you have studied econometrics and can model it better than the professionals, it is hard to dispute these numbers.
We would get it back in terms of increased GDP and tax receipts, which we could spend on things like defence or the NHS.
T