The study’s analysis shows that Brexit losses “…make up a small portion relative to the gains in incomes from the SM for most countries – while the UK is an important trading partner, it is clearly not the only significant one for most countries.”

It is also observed that “…a decline in income gains from the SM is also associated with a decline in Brexit losses – this pattern is consistent with the idea that both Brexit losses and SM gains are sensitive to trade relationships and openness.”

Study findings highlight the fundamental gap between the political discussion in the UK, and the economic reality that awaiting the country with the hard Brexit that many still want.