U.K. Needs Trade Deals With Seven Americas to Offset Brexit Pain

The U.K. needs a hugely ambitious trade policy — equivalent to deals with seven Americas — to fully compensate for a no-deal Brexit, according to Bloomberg Economics. A free trade agreement with the U.S. would offset just a fraction of the cost of leaving the European Union without any deal, while even an arrangement with the EU would cover only half the cost. Even striking additional deals with India, China, Australia and New Zealand — often listed as potential targets — won’t be enough to compensate for the economic losses from leaving the world’s single market, BE said Tuesday, using a gravity model to examine trade flows between the U.K. and 60 countries. Read more here.