Ex-U.K. Trade Minister: U.S.-UK Trade Deal Can’t Make Up for Brexit
…speaking at the Fortune Most Powerful Women International Summit in London on Tuesday morning, Baroness Rona Fairhead CBE, the U.K.’s former minister of state for Trade and Export Promotion, did not appear convinced by Trump’s pronouncements.
“[The EU countries] still remain our closest partners in terms of location—and they still represent about 50% of our trade,” said Fairhead. She cited a Parliamentary study that found that Brexit and the associated cost of disrupted trade with the EU would reduce the U.K.’s GDP by between 2% and 8% over a 15 year period. Any other deal—including with the U.S.—would result in a less than 1% gain over the same time period, said Fairhead.
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