Cost of Brexit After One Year

The video discusses the intertwined effects of Brexit and COVID-19 on UK-EU trade, highlighting a 15% decline in trade with the EU compared to the rest of the world. It also covers political changes, such as Liz Truss replacing David Frost, and potential impacts on Brexit agreements. The economic outlook is analyzed, with GDP figures revised down and a long-term Brexit impact of 4% on the economy, delaying recovery to pre-pandemic levels until mid-2022.

What has been the trend in UK trade with the EU over the past 12 months?

• It has shown no noticeable change.

• It has declined compared to trade with the rest of the world.

• It has remained stable.

• It has increased significantly.

What is the percentage gap in UK-EU trade compared to if the UK had stayed in the EU?

• 20%

• 15%

• 10%

• 5%

What could trigger further instability in UK-EU trade relations?

• Signing a new trade agreement with China

• Reducing checks on EU goods

• Triggering Article 16 of the Northern Ireland Protocol

• Increasing tariffs on US goods

When is the UK expected to return to pre-pandemic economic levels?

• By the end of 2021

• Mid 2022

• Late 2023

• Early 2023

What is the long-term economic impact of Brexit according to the UK's fiscal watchdog?

• 2%

• 3%

• 4%

• 5%