G+ Economics Chief Economist Lena Komileva on Brexit Deal

The video discusses the historic UK-EU trade agreement, highlighting its significance and implications for both regions. It outlines the end of frictionless trade, the impact on financial services, and potential GDP growth loss for the UK. The agreement creates two Brexit horizons, avoiding immediate economic cliffs but introducing long-term challenges. The video also explores future negotiations, particularly with the US, and the UK's reduced ability to negotiate trade terms independently.

What is the main significance of the new trade agreement between the UK and the EU?

• It eliminates all trade barriers.

• It focuses solely on financial services.

• It is the largest free trade agreement signed by the UK and EU.

• It marks the beginning of frictionless trade.

How does the trade agreement affect the UK's financial services sector?

• It allows the UK to set new financial standards.

• It removes the UK from the EU's single market.

• It increases the UK's GDP growth by 4%.

• It strengthens the UK's position in the EU market.

What is a potential long-term consequence of the trade agreement for the UK economy?

• Loss of 4 percentage points in potential GDP growth.

• Strengthened financial services sector.

• Complete removal of trade barriers.

• Increased GDP growth by 10%.

What does the trade agreement allow the EU to do in terms of UK industry policy?

• Impose tariffs on UK industries deviating from EU norms.

• Completely control UK industry standards.

• Strengthen UK industries against EU competition.

• Eliminate all tariffs on UK goods.

What percentage of the UK economy is represented by services, which are lightly covered in the trade agreement?

• 100%

• 80%

• 50%

• 20%

What opportunity does the trade agreement open up for the UK with the US?

• A shared educational exchange program.

• A joint financial services market.

• A free trade agreement negotiation.

• A new military alliance.

What challenge does the UK face in maintaining trade benefits post-Brexit?

• Maintaining the same trade benefits as the EU.

• Elimination of all trade agreements.

• Increased ability to negotiate terms.

• Complete independence from global trade.