The economic blow dealt by Brexit will be four times greater in the UK than the EU, according to the latest forecasts by Brussels.
A month into the new relationship, the European commission said the UK’s exit on the terms agreed by Boris Johnson’s government would generate a loss in gross domestic product (GDP) by the end of 2022 of about 2.25% in the UK compared with continued membership. In contrast, the hit for the EU is estimated to be about 0.5% over the same period.
EU GDP is about $18 trillion, 0.5% of that is $90 billion.
UK GDP is about $2.2 trillion (ignore this past year). 2.25% of that is $49.5 billion.
Brexit will be twice as expensive for the EU as it is for the UK.