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Right here’s a easy reality which exhibits how unhealthy the UK’s greatest commerce deal since Brexit is

The Tories and their enablers within the press are as soon as extra hailing Brexit freedoms as we speak, as the federal government and Brexiteers congratulated themselves on an settlement to hitch an 11-member Asia-Pacific commerce bloc.

Prime minister Rishi Sunak claiming it proved his authorities was seizing “post-Brexit freedoms”.

After two years of negotiating, the federal government has lastly concluded talks on becoming a member of the  Complete and Progressive Settlement for Trans-Pacific Partnership (CPTPP).

The CPTPP is a free commerce settlement between 11 international locations throughout the Indo-Pacific, together with Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – and now the UK.

The federal government says that on account of the partnership, commerce limitations and tariffs between the international locations will likely be diminished with the hope of bolstering the economies of its members.

But simply how a lot will this deal compensate for the financial hit attributable to Brexit?

In accordance with the federal government’s personal estimates, the CPTPP deal will enhance UK gross home product by simply 0.08 per cent over a decade. That quantities to £1.8bn. Gradual hand clap for the federal government.

The OBR in the meantime estimates that the financial hit attributable to Brexit to the UK economic system will imply GDP is diminished by 4%.

Commenting on the federal government’s commerce deal, one social media person wrote: “The notion that commerce with the remainder of the world might ever compensate for the commerce we misplaced by leaving the EU was all the time Brexiter fantasy: CPTPP and it’s 0.08% – sluggish hand claps for the Gvt once more.”

One other tweeted: “BREAKING NEWS: UK authorities leaves European bloc that accommodates virtually each European nation, together with all neighbouring international locations, to hitch a Pacific buying and selling bloc for a predicted 0.08% commerce acquire.”

Basit Mahmood is editor of Left Foot Ahead

The publish Here’s a simple fact which shows how bad the UK’s biggest trade deal since Brexit is appeared first on Left Foot Forward: Leading the UK's progressive debate.