The annual loss per capita of u00a3 1100 brexit agreement can make the British lose a lot

 The annual loss per capita of u00a3 1100 brexit agreement can make the British lose a lot

Overseas online, Oct. 31 (Xinhua) - British Prime Minister Boris Johnsons brexit agreement will cost Britain an extra 70 billion pounds (640 billion yuan) a year, with an average annual loss of about 1100 pounds (10010 yuan) per British citizen, according to a report released recently by the national economic and social Research Institute (neesr).

British Prime Minister Johnson (source: Sky News)

We estimate that due to the separation from the European Union and the European single market... In the long run, the impact on UK GDP will be about 3% to 4%, equivalent to u00a3 70bn.

The losses are equivalent to Wales annual output and u00a3 1100 a year for every British citizen, according to hentsche.

In addition, bilateral trade is expected to decline by 40% and service trade by 60% as the UK exits the EU and the single market. The net number of immigrants is expected to decrease by 50000 annually.

FDI is expected to decrease by more than 20 per cent. In the long run, the level of productivity will be reduced by 1.3% due to the reduction of trade and competition in the EU. But the report also said leaving the EU would give Britain the flexibility to negotiate free trade agreements with the rest of the world.

Previously, British think tanks and government organizations pointed out that brexit would have a devastating impact on the British economy. In May 2018, Bank of England governor Tony Carney said that since the vote on brexit in 2016, household income in the UK has been about 900 lower than expected.

Perhaps its too early to talk about the impact, because the road of brexit is full of twists and turns. Britain was due to leave the European Union on October 31, but the house of Commons had previously passed an amendment to prevent non agreement, forcing Prime Minister Johnson to send a letter to the European Union, seeking to postpone the brexit again. Johnson last week asked for a three-month delay to the end of January 2020. EU Member States then agreed to delay the brexit period.

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