LONDON (Reuters) – Britain’s plan to strike trade deals around the world, a key plank of the government’s strategy for life outside the European Union, is unlikely to help the economy much, the country’s official budget forecaster said on Thursday.
Brexit supporters have stressed the importance of striking trade deals with countries outside the EU which account for the bulk of growth in global trade.
OBR - Trade - Deals - Impact - Forecasts
But the OBR said such trade deals were unlikely to have much impact on its forecasts for Britain’s economy over its usual five-year horizon, and perhaps for many years to come, in a report setting out how it will factor Brexit into its outlook.
“As well as being challenging to negotiate, the evidence suggests that the benefits of additional bilateral trade deals are likely to be relatively modest – and the impact of any individual deal may not be material for our forecast,” it said.
OBR - Government - Analysis - Boost - Economy
The OBR pointed to the government’s own analysis suggesting the boost to the economy from a trade deal with...
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