The National Institute of Economic and Social Research (NIESR) published a report regarding the economic impact of post-Brexit customs union solution for the UK. Comparing with staying with in EU, the customs solution way will means around GBP 800 loss per person per year after 10 years.
The reported noted that “the terms on which the UK will trade with the EU after Brexit will not be as favorable to the UK as they are now”. And, “this would discourage investment in the UK and ultimately mean that UK workers were less productive than they would have been if the UK had stayed in the EU.”
Also, NIESR economist Garry Young said “leaving the EU for a customs union will make it more costly for the UK to trade with a large market on our doorstep, particularly in services which make up 80 percent of our economy.”
