Trade Dynamics Post-2020

Following the UK's departure from the EU Single Market and Customs Union, the Trade and Cooperation Agreement (TCA) fundamentally altered the mechanics of British trade. While tariffs were largely avoided, non-tariff barriers (customs declarations, rules of origin, sanitary and phytosanitary checks) introduced significant friction.

The Office for Budget Responsibility (OBR) estimates that leaving the EU will reduce long-run productivity by 4% compared to remaining.